Overview
- In the latest discussion, SS&C’s Michael Volpe said the company is in talks with record keepers to enable a single employee dashboard that surfaces select retirement plan interactions at enrollment.
- The envisioned portal could display balances from outside 401(k)s and IRAs and allow limited actions such as rollovers or changes to contributions and allocations, subject to record keeper cooperation.
- SS&C reports its BenefitsXML-powered EOI system has processed more than two million applications, with average decisions now made in hours or days instead of months and automatic adjudication reaching about 70% where rules allow.
- Evidence of insurability remains a medical-history application used to underwrite coverage elected above guaranteed-issue levels, leaving excess amounts pending until a carrier decision is made.
- Carrier implementation centers on configuring proprietary, state‑specific forms, after which new employer groups can be onboarded for testing in hours, while most retirement transactions still occur on record keeper platforms.