Retirement Planning Services
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Retirement Planning Services Business Process Services Retirement Planning is emerging as a lucrative business for Financial Services companies, driven by changes in aging and lifestyle patterns. As people world-wide seek to appropriately plan their retirement years, there has been a significant increase in the number of Banking and Financial services companies that reach out to this market segment with a range of retirement planning products, making the scenario competitive. As a result, financial enterprises seek to launch innovative products faster to retain an edge. To achieve this, we at, Tata Consultancy Services (TCS), offer comprehensive Retirement Planning Services. Our offering brings you process blueprints, proprietary platforms, process efficiencies, and right-sourcing models to address global and local needs and adhere to changing regulations. As a result, your financial services enterprise is able to offer advanced, compliant, and innovative products with agility. Overview Finance companies today, are increasingly trying to harness the potential of the expanding retirement planning space. As the market evolves, stakeholders face the need to respond to market needs with a broad spectrum of products and services that address lifetime retirement savings/pensions and security needs. In doing so, finance enterprises seek to move in tandem with the changes stimulated by the regulators and evolving participant expectations and demands, while reducing cost, improving operational efficiency, and ensuring better business alignment. Towards addressing these needs, we bring you our Retirement Planning Services. Our service helps you launch innovative products in an accelerated manner by leveraging our proprietary platforms, process efficiencies, and right-sourcing that address global and local needs. We also deliver superior participant experience while reducing operating costs through our IT-BPO capabilities in the Banking and Financial domain. Our Retirement Planning Services provide a comprehensive coverage of the retirement life cycle – from the plan administration, and institutional and individual operations, to the plan audit support. The services also encapsulate all the plan types, including defined benefits and defined contribution. We offer full life cycle capabilities across the following key process areas Plan setup Participant eligibility and enrollment Contribution and distribution Rollover and trustee transfer Loan eligibility, Issuance and repayment, and Plan maintenance and termination Experience Certainty Experience Partnership TM Our Global Network Delivery Model helps provide the right skilled workforce from the right location ensuring business continuity, economies of scale and multi site operations Experience Results Up to 100% improvement in Turn Around Time in key processes through business process re-engineering Up to 100% improved quality in delivery Over 90% improved end customer satisfaction, post transition to TCS n n n n n n n n n n
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Transcript of Retirement Planning Services
Retirement Planning Services
Business Process Services
Retirement Planning is emerging as a lucrative business for Financial Services companies, driven by changes in aging and lifestyle patterns. As people world-wide seek to appropriately plan their retirement years, there has been a significant increase in the number of Banking and Financial services companies that reach out to this market segment with a range of retirement planning products, making the scenario competitive. As a result, financial enterprises seek to launch innovative products faster to retain an edge.
To achieve this, we at, Tata Consultancy Services (TCS), offer comprehensive Retirement Planning Services. Our offering brings you process blueprints, proprietary platforms, process efficiencies, and right-sourcing models to address global and local needs and adhere to changing regulations. As a result, your financial services enterprise is able to offer advanced, compliant, and innovative products with agility.
Overview
Finance companies today, are increasingly trying to harness the potential of the expanding retirement planning space. As the market evolves, stakeholders face the need to respond to market needs with a broad spectrum of products and services that address lifetime retirement savings/pensions and security needs. In doing so, finance enterprises seek to move in tandem with the changes stimulated by the regulators and evolving participant expectations and demands, while reducing cost, improving operational efficiency, and ensuring better business alignment.
Towards addressing these needs, we bring you our Retirement Planning Services. Our service helps you launch innovative products in an accelerated manner by leveraging our proprietary platforms, process efficiencies, and right-sourcing that address global and local needs. We also deliver superior participant experience while reducing operating costs through our IT-BPO capabilities in the Banking and Financial domain.
Our Retirement Planning Services provide a comprehensive coverage of the retirement life cycle – from the plan administration, and institutional and individual operations, to the plan audit support. The services also encapsulate all the plan types, including defined benefits and defined contribution.
We offer full life cycle capabilities across the following key process areas
Plan setup
Participant eligibility and enrollment
Contribution and distribution
Rollover and trustee transfer
Loan eligibility, Issuance and repayment, and
Plan maintenance and termination
Experience Certainty
Experience Partnership
TMOur Global Network Delivery Model helps provide the right skilled workforce from the right location ensuring business continuity, economies of scale and multi site operations
Experience Results
Up to 100% improvement in Turn Around Time in key processes through business process re-engineering
Up to 100% improved quality in delivery
Over 90% improved end customer satisfaction, post transition to TCS
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All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate copyright,
trademark and other applicable laws, and could result in criminal or civil penalties. Copyright © 2011 Tata Consultancy Services Limited
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ContactTo know more about TCS Retirement Planning Services, contact [email protected]
About Tata Consultancy Services Ltd (TCS)
www.tcs.com
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering and assurance services. This is delivered
TMthrough its unique Global Network Delivery Model , recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay Stock Exchange in India.
For more information, visit us at
Why TCSWhat makes us a partner of choice is our:
Industry domain expertise. We bring a wealth of experience in Retirement Processing, bringing rich knowledge of local regulations in retirement lifecycle environments. We are also one of the few specialists in the world in niche retirement processes such as ‘defined contributions’ and ‘defined benefits’. Our experienced domain experts include a cross-functional talent pool of approx. 500 retirement service professionals, including ASPPA-certified professionals with deep knowledge of retirement process, regulations, and a comprehensive product life-cycle. Green and Black-belt certified process professionals complement our SMEs and drive process improvements and efficiency.
Delivery excellence. We handle over 7 million transactions every year, across key regions of USA, Canada and UK, ensuring 100 per cent delivery of SLA metrics in the area of retirements. You are, therefore, able to leverage our 24x7 delivery model to meet your customized and market-specific needs. Further, with our COPC-certified processes and delivery centers – assessed at CMMi Level 5, we drive performance improvements and increased customer satisfaction.
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nEmployer set upnEligibility, Vesting,
LoansnInvestment additionnContribution/
Allocation set up
Plan Management
ParticipantMaintenance
Contributions
Account LevelMaintenance
Loans
Withdrawals &Distributions
Regulatory&Compliance
Termination
nProfile changesnChange of
InvestmentsnPlan Feature changes
MaintenanceSet UpRetirementPlan Services
nApplication processing & Underwriting
nRepaymentsnPayoffs & Closures
nRegular distributionnRMD managementnIn-Service/ Hardship withdrawalsnDeath distributionnInterest & DividendnAnnuity set up
nPOA maintenancenPlan audit supportnReporting
nManual & Electronic payrollsnRolloversnRefund excess
nEnrolments: Individual & Institutional
nBeneficiary maintenancenTax electionsnPlan conversions
nDemography, Beneficiary, POA
nChange of InvestmentnDeferral changes
An overview of our Retirement Planning Services offering
