What controls does ADMIN Partners utilize in handling participant contributions?
What type of administration system does your company use?
What security systems and procedures are in place?
What type of disaster recovery systems do you have?
What controls does ADMIN Partners utilize in handling participant contributions?
We maintain rigorous financial controls. We never take receipt of any client funds. We have retained the services of Cash Custodian, Mid Atlantic Trust Company, to take receipt and disburse all plan payroll contributions.
The entire payroll contribution process is transparent from the receipt of payroll contributions to the disbursement of funds to the appropriate Plan investment vendors. Employers receive, via your internet service portal, a payroll contribution disbursement data broken down by vendor, by participant. The report also indicates the date these transactions were processed by ADMIN Partners. Duties are separated between those staff members who manage the depository accounts and those employees that process payroll contribution transactions. Our financial systems are balanced daily and closed monthly for all funds deposited and disbursed. Our financial control system is integrated with our plan administration system. Both systems have passed independent audits; SAS 70 reports are available upon request. BACK TO TOP
What type of administration system does your company use?
At ADMIN Partners we use Relius Administration. Relius is a rules based-system that manages all plan administration, record keeping, and payroll contribution processing with fully integrated web-based services accessible to employers and participants. The system is updated when regulatory changes are made ensuring that your plan remains in compliance. We have also built proprietary software, (b) Compliant, to provide additional workflow management and reporting capabilities. Our systems accept data in various file formats to ease data collection and loading into our record keeping system. BACK TO TOP
What security systems and procedures are in place?
Our hardware and network infrastructure is housed and administered onsite and 100% dedicated to our business processes. We do not participate in any shared or outsourced hosting arrangements, nor do we provide hosting services to other third-party organizations.
As for data security, user authentication (User ID and Password) is required to access the participant and plan sponsor web sites, ADMIN Partners utilizes Secured Socket Layering (SSL) which consists of cryptographic protocols that provide secure communications on the Internet. BACK TO TOP
What type of disaster recovery systems do you have?
Our approach to disaster recovery is divided into two categories: preventive (measures taken to prevent unforeseen outages such as hardware failures, temporary loss of power, etc.) and reactive (measures taken to react to an unforeseen event that would prohibit us from accessing our permanent work space or infrastructure).
Redundant Array of Independent Disks (RAID).
A RAID 1 scheme provides real-time redundant data. In the event of a hard drive failure the server remains functional, data is preserved and there is no loss of business productivity.
Redundant and uninterruptible power supplies on production servers.
Battery power supplies are available in the event power to our servers is lost.
Off-site Data Storage.
Our data storage firm captures packets – takes snap-shots – of production data several times during the work day; with a complete data back up performed each evening. Data is stored at co-locations on the east and west coasts. In the event of a disaster, the data can be re-installed and accessed via remote servers. BACK TO TOP
If you have questions not addressed here, please call us at 877-484-4400 or send us an email, so that we can discuss your specific needs and questions with you.