factoHR – PF Trust Software
Managing Employee Retirement Benefits With factoHR SaaS
While employee care today is a top priority, managing employee retirement benefits funds can be an endless exercise for many organizations. Considering that there are several challenges that Pension Administrators face which includes lack of support for :
- All in one solution for managing various retirement benefits schemes which take of Pension funds (defined benefits / defined contribution / hybrid funds, provident fund, gratuity plans)
- Investment management
- Financial Accounting
- Self service access
- Intelligent reporting tools and reminders
What Administrator need is a single – point complete solution that can handle the complete spectrum of activities related to employee retirement benefits funds.
factoHR is a first of its kind solution that addresses the crucial need for optimizing employee benefits and care. By addressing all the key elements in an integrated manner, factoHR creates a win-win situation for both you and your members.
All In One Solution
- For various retirement benefits schemes eg :- various pension funds (Defined benefits/contribution, provident funds, gratuity plans, hybrid funds, etc.)
Member Self Services
- Web access to members for viewing their contribution history, update contact details, calculate benefits receivable, eligibility of various kind of part withdrawals, an online request for voluntary contribution, change of nomination part & full withdrawals.
- Interest can be run for any specific period during the year at any time and an administrator has right to re-run interest, post interest into the member’s to take quarterly balance sheet. Supports different methods like monthly running balance, on opening balance, on closing balance, day base calculation.
- Exhaustive investment management module which covers investment register, investment analysis, cashflow & fund allocation, tracking and monitoring of investments with various investment classifications.
Auto Import Facility
- Automatic import facility for employees master, monthly contribution, transfer in/out, settlement, loan and investment from SAP, other ERP, excel and other formats like CSV & DBF.
Refundable Loan & Part Withdrawals
- Auto calculation of eligible amount for refundable loan and part withdrawals, history tracking, documents check, sanction check solutions.
- Auto calculation of benefit for retirement, surrender value & deferred benefits.
- Financial accounting with general ledgers, bank reconciliation, cheque printing & financial reports, P&L, trial balance and balance sheet. With the facility to work on financial year in parallel, auto year closure and posting data for next financial year. Locking of audited financial years.
Fees & Commission
- Keeps track of the various fees / levies and commissions paid by the schemes like: actuarial valuation, auditing, administration, trustees allowance, custodial fees, retirement regulatory body levies, etc.
- Enriched MIS reports to address all the requirements of pension scheme and support of BI(Business Intelligence) tool for highly customizable and rich analytical reports.
One Solution for Multiple Trusts
- Multiple companies, multiple retirement benefits schemes, multiple users and numbers of financial years.
- Fully configurable retirement benefits scheme management, task initiation, notification of every event, monitoring and control. Rules can be defined for each step to control all the data entry and flow.