Every third-party administrator has had an employer provide incorrect census information a headache for all involved when trying to maintain a meaningful retirement plan.
The first step to combating such mistakes is to conduct an analysis to identify any information gaps, says Natalie Wyatt, vice president of business development at Innovest. Common gaps exist in a variety of categories, such as acquisitions, sales, change of ownership, date of hire and hours worked, Wyatt explained Monday during a workshop at the American Society of Pension Professionals and Actuaries annual conference at National Harbor, Md.
