EMPLOYEE BENEFITS



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MIP Employee Benefits is a fully integrated administration and financial system.

MIP EMPLOYEE BENEFITS SOLUTION


Today’s accelerating pace of change demands that all trustees and administrators cater for growing social, economic, legislative, and technological requirements within the retirement funding industry. To facilitate these, as well as the escalating member expectations, emerging risk exposures, more sophisticated software solutions are necessary to stay ahead.

With more than 15 years of real business and systems experience, the MIP Employee Benefits (EB) Solution team enables our clients to focus on their retirement fund members interests with the peace of mind that all the necessary systems and support are provided for.

MIP EB is currently used to administer hundreds of South African retirement funds consisting of over 1,000,000 members. This powerful, dynamic, and fully integrated employee benefits administration and financial software solution has proven its capability and value to MIP’s extensive client base. The flexible and process-driven system also maintains high levels of integrity through automated real-time validations that enforce data verification throughout. Full audit capabilities complete the essential data change control and management measures.

The basic foundations that the MIP EB Solution provides are:

  • A passionate, skilled and experienced team of client service managers, business analysts, technical architects, developers, quality assurance, and project management personnel with over 200 years of experience in the industry combined. This experience includes every aspect of the implementation and support of this critical solution, as well as all the business, legislative, and technological factors that drive change in the retirement funding industry.


  • An all-in-one integrated and automated employee benefits administration web based solution built on Services Orientated Architecture (SOA). This facilitates streamlined, effective, and efficient business processes. It also means that our clients do not need to create and manage a complex matrix of software suppliers, systems, additional costs, and interfaces that need to operate with their core administration system. The comprehensive functionality included in this solution is:

    • Member Management
    • Billing and Contribution Management
    • Investment Management
    • Exit Management
    • Loan Management
    • Reporting
    • MIP Financials
    • Decision Rules Engine
    • Document Management
    • Workflow
    • Call Centre
    • Communications
    • Multi-Media
    • Mobile Applications
    • Gamification
    • 3rd Party Functions and Solutions


  • Maximum solution flexibility based on parameters enabling a comprehensive list of fund types and their associated fund options, employers, pay points, employer, category and member levels, financial structures, and others.


  • Extensive product range of retirement funds, each with their own rules and benefit structures. These include umbrella funds; company pension and provident funds; industry and bargaining council funds; beneficiary funds; trust private and government, benefit-backed loans, as well as unclaimed funds.


  • Secured access for members, trustees, and employers via internet and mobile applications that enable only authorized stakeholders to view and maintain their data. This is also in line with legislative requirements of the POPI Act.


  • Compliance to future trends and demands by keeping up to date with industry, legislative and technological trends, and driven by a significant investment in research and development. This enables the latest innovations such as integrated mobile applications and business decision engines to be available as part of the solution. Based on these, and many other ground-breaking innovations, the solution has advanced over the last 15 years to include significant functional capabilities.


  • Software-as-a-service Model (SaaS), which means that there is no initial capital outlay. This further reduces the risk to our clients. The system is installed, managed and enhanced based on a fixed monthly fee linked to a key performance indicator such as the number of members or assets under management. This fee structure is designed as a risk-sharing proposition for our clients, and includes all licensing, bespoke and general enhancements, data migration and solution support functions.

A PASSIONATE, SKILLED AND EXPERIENCED TEAM


The MIP Employment Benefits Division has a well-rounded team of highly skilled and experienced Client Service Managers, Project Managers, Business Analysts, Technical Architects, Developers, Quality Assurance, and Support Personnel.

Furthermore, this is a group of contributors who are passionate and proud to be valuable members of a team that can attend to every aspect of implementing, enhancing, and supporting the right solution for our clients.

MAXIMUM SOLUTION FLEXIBILITY


The design of the MIP EB solution makes extensive use of user-defined multi-level parameters. These cater for all investments, reinvestments, risk premiums and the payment of benefits to members. This structure provides for all types of funds, including defined benefit and defined contribution, unitised and non-unitised funds, umbrella funds, living annuity funds and trusts.

All the parameters are user defined, and can be quickly and easily changed by authorised system administrators. The parameters therefore provide a simple configuration mechanism for all new schemes, as well as for the underlying financials.

The multilevel parameters are defined for fund option levels, employers, pay-point or participating employer levels, category levels and member levels. The following parameters are some of those available:

  • Defined Benefit or Defined Contributions
  • Risk Products
  • Investment Portfolios
  • Investment Options
    • Member Choice
    • Trustee Choice
    • Life Stages and Life Stage Rules
  • Bonuses
  • Contribution Rates
  • Exit Categories (or types)
    • Exit Sub-Types with GL Accounts and Cost Centres
  • Age parameters
    • Minimum and Maximum Joining Ages
    • Normal Retirement Age
    • Early Retirement Age
    • Late Retirement Age
    • Contribution Cessation Age
  • Risk Benefits
  • Life Stages
  • Salary types (including the related calculations)
  • Loan types


This Solution flexibility also facilitates rapid data migration of all data via quick and simple import functionality.

EXTENSIVE PRODUCT RANGE


MIP EB supports all administration aspects of an extensive product range, including:

  • Retirement Funds
  • Private Funds
  • Public Sector Funds
  • Pension Backed Home Loans
  • Beneficiary Funds
  • Living Annuity Funds
  • Trust Funds
  • Group Risk Schemes


All requirements for annuity-based funds for Living Annuities and Trusts are supported, including:

  • Investment choices
  • Annuity payment runs
  • Individual member accounts
    • Annuity payment options – per member choice, payment amounts and scheduling
    • Revenue Services - Tax deductions and IRP5 processing


A wide range of risk products are supported for contributing members, per the specific fund and member needs. These can be approved or unapproved, as well as being inclusive or exclusive, per the rules of the fund. All applicable calculations for cover and premiums are accommodated, which range from simple to very complex.

Group Insured benefit deductions and payments are easily facilitated by:
  • User-defined risk products including approved and unapproved insured benefits.
  • Risk premiums and benefits that are catered for in a premium to benefit calculation including age/salary/maximum ranges as well as free cover limits and statuses.


The MIP EB Solution also caters for flexible risk benefits, risk cost savings accounts, and reinforced benefits.

SECURED ACCESS

There is an increasing need for access to information for members, trustees, employers, and brokers.

MIP EB system is fully secured in terms of:

  • All system access, including that from the secure website and mobile applications, is limited to allow only authorised stakeholders to view and update only specific and relevant information.
  • All system access is strictly controlled and limited by individual user login and password accounts that are each managed per the functions applicable to their profile, roles, and responsibilities. This includes supervisory levels per user and workgroups.
  • Audit trails and audit reports at field level are available on all data updates, and can be specifically customised per client requirements.

BILLING AND CONTRIBUTION MANAGEMENT


The MIP EB solution simplifies the monthly administration of premium billing and collections. This is achieved by effectively applying web-enabled workflow to the contribution cycle, including a pre-billing schedule that is made available to administrators, consultants and HR departments in a format that suits them.

Once logged in and authenticated, the administrator can update, commit, and confirm their pre-billing schedule. When these are committed, and confirmed by the authorised administrator, the system creates the appropriate expectations for each member as well as the financial entries in the MIP financial system.

MIP EB facilitates all individual member data, including:

  • Static Data – ID checks, beneficiaries, multiple address, and communication methods
  • Transaction accounts – individual accounts are managed for contributions and risk benefits, as well as individual unitised accounts per portfolio, including the recording of all transactions with both the period and transaction date
  • History records – fund option, employer, category, portfolio, salary, and risk product history records, all enable members to have the choice of flexible contributions and benefits


The monthly contribution processes of the solution include:
  • New member install – either via a bulk import process or via a new member capture process to create individuals
  • Billing and receipting – a real time transaction process, including full unitisation, additional voluntary contributions, all deductions for insured risk benefits, administration and consulting fees
  • Before and after reporting
  • Real-time financial integration
  • Importing of contribution files

INVESTMENT MANAGEMENT

Per the rules of the fund, the MIP EB Solution provides for future unit pricing, historical unit pricing, and interest declaration. All these models can be applied daily, monthly, or otherwise as required.

Trade reports are produced for instruction to asset managers.

Members can select to switch portfolios per the specific fund rules, by either a percentage or rand amount. Members can also define their portfolio for contribution redirection, which determines where their contributions will then be invested.

Funds can be enabled to show a combined investment return to their members instead of investment growth per portfolio.

Wrap investment functionality is also available. This enables the administrator to invest per the fund's investment selection, and then calculate and display a combined growth to members.

The administrator has a choice to disinvest from the investment portfolios daily, or as and when required. Portfolios can also be re-balanced as required. The administrator will specify the portfolio re-balancing methods.

MIP EB facilitates the following:

  • Daily unit pricing and trading
  • Unitised and non-unitised
  • Declared bonus runs
  • Individual member choice with unlimited portfolio splits
  • Daily switch capability on fund, employer or member level
  • Trustee choice
  • Comprehensive life stage modelling – administrator defined parameters allow automatic life stage selection by means of range-defined portfolio splits with parameter driven life stage phasing or switching
  • External portfolios with import and export facilities to update unit holdings
  • Individual member portfolio history - individual portfolio records are held to allow for portfolio values, switching and future contributions to be held separately
  • Unlimited investment managers and portfolios on any level


Unlimited investment managers and portfolios on any level
  • Investment choices
  • Annuity payment runs
  • Individual member accounts
    • Annuity payment options – per member choice, payment amounts and scheduling
    • Revenue Services - Tax deductions and IRP5 processing

EXIT MANAGEMENT

The MIP EB Solution provides for the streamlined processing of all exit types, including the detailed reporting on the status of any exit process.

Either payment files can be created to export payments directly into the relevant bank accounts, or a 3rd party can be used to distribute payments.

All documentation and communications are stored on the relevant member records and can be retrieved directly via web enquiry screens.

All individual claim records are managed by MIP EB, including:

  • Flagging of member records
  • Divorce order payments including the tax payment
  • Guaranteed loans, IT88’s, maintenance court orders, etc.


The MIP EB Workflow can be configured to process exiting members for all:
  • Exit types and subtypes
  • Individual and bulk exits
  • User defined benefit calculation
  • Revenue Services integration – includes Tax Directive requests, Tax Certificates, and EMP501 reconciliations
  • Unclaimed benefits
  • Third party payments
  • Electronic payments
  • Member exit letters

LOAN MANAGEMENT

The MIP EB system integrates to the MIP Lending Solution that is designed to manage all types of lending.

The MIP EB Solution therefore provides for all kinds of lending, including pension fund loan administration and guaranteed loans per specifically defined rules that provide for:

  • User defined parameters
  • Quotations
  • Individual record keeping
  • Billing and Receipting
  • Fee and insurance deduction
  • Member loan statements

Automatic loan settlement forms part of the standard Exit Workflow.

REPORTING

The system has a comprehensive range of standard online reports that cover all aspects of the administrative and management process.

Customised client reports can also be accommodated.

Some of the standard reports are:

  • Contribution and risk reporting
  • Members reaching retirement
  • Free cover limits
  • New members
  • Outstanding exits
  • Benefits statements


MIP EB reports can be delivered in various formats such as Excel, CSV, .pdf, and HTML. They thus facilitate graphical representation of information as well as a feed to any standard MIS platform.

MIP HOLDINGS

We're the leading provider of affordable Business/IT solutions to the financial services industry in emerging markets.

VISION

"Tomorrow's Solutions Enjoyed"

VISION

"MIP is a provider of robust, flexible, innovative, business/IT solutions that enable our partners to grow their customer bases profitably."

CONTACT US

sales@mip.co.za
0861 MIP MIP (0861 647 647)
Intl: +27 10 005 3700