The eligibility component of the Sapiens Retirement platform supports a variety of complex eligibility rules, which can be organized by plan providers, are executed automatically and include techniques for processing exceptions.
Eligibility determination is one of the more difficult recordkeeping challenges, explains Ron Karam, president of Sapiens’ U.S. retirement services and insurance division. He says the implementation is aimed at helping plan providers and their sponsor clients better manage and simplify critical plan processes.
The eligibility component adds to the platform’s previous capabilities, which cover end-to-end recordkeeping for 401(k), 403(b) and 457 plans across all segments. Sapiens notes that its platform can be accessed as a complete system or as a series of individual components helping clients take control of plan rules, account structure, payroll management, eligibility determination, contribution processing and vesting.
The Sapiens defined contribution (DC) platform was first introduced to the market in 2014.