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Business Process Outsourcing

Business Process Outsourcing

Benefits Administration

Info-Drive Software, Inc., the U.S. subsidiary of Info-Drive Software Ltd, was the first company to offer offshore administration services for qualified Retirement Plans from Chennai, India.We offer end to end 401k services to US Third Party Administrators (TPAs) and plan sponsors.

We provide the TPAs an opportunity to optimise their administration cost while increasing profitability and faster turn around thereby enabling them to offer compelling value proposition to their customers. Info-Drive's quality management system has been certified by United Kingdom Accreditation Service (UKAS) and National Accreditation Board for Certification Bodies (NABCB) to be in compliance with the ISO 9001:2000. The certification applies to Info-Drive's back office support service of providing end to end Pension Administration Services.

We are the only plan outsourcing company in India with ASPPA ('The American Society of Pension Professionals & Actuaries) certified and IRS (Internal Revenue Service) licensed professionals and IRS pre-approved plan documents. All our staff are on their way to be Accredited Pension Administrators, APA – a professional designation given by the National Institute of Pension Administrators (NIPA), one of the leading pension industry accrediting organization.

We administer all types of defined contribution plans including 401(k), profit sharing, money purchase, 403(b) plans.

Our services include:

  • Plan Design
  • Plan Documents
  • Plan Administration

    • Contribution Processing
    • Compliance Testing
    • Valuation
    • Trust Accounting
  • Loan Administration
  • Plan Mergers
  • Plan Amendments
  • Plan Termination
  • IRS Forms

Our services include:

Team

We have steadily built a strong team of 45 associates with varied skills and knowledge essential for rendering quality services to our clients. These associates are proficient in U.S. Pension laws, IRS regulations and Pension Software.

We have Qualified Pension Administrators (QPA) heading our Operations, while our Account Managers and Team Leaders are Accredited Pension Administrators (APA). Our associates are well-trained in the industry-specific platforms like RELIUS, ASC, PROSYSTEM, DATAIR and QUICKBOOKS.

Our Employee Fiduciary team has more than 7 years of experience in the retirement planning business—managing 401(k) plans, 403(b) plans, profit-sharing plans, money-purchase pension plans, and defined-contribution pension plans.

Our team has established and administered more than 2,000 different 401(k) plans—ranging in size from 5 employees to 5,000, from $20,000 to $20 million in assets.

A Reputation for High Quality 401(k) Administration: In aggregate, our administrators have handled the preparation and distribution of approximately 900,000 participant statements, reconciled more than 2 million trades and market instructions, administered more than 15,000 loans and completed 22,000 ADP/ACP compliance tests.

Business Approach

We extend our customer-centric philosophy to our organizational structure. Our team organization mirrors our clients’ business process cycle as they progress through their BPO initiative. Our relationship managers are consultants and industry people with strong skills to help clients evaluate the off-shoring initiative. The Project management team includes talent from senior industry resources, and can help draw up a road map for an optimal long-term off-shoring strategy. Our Transition managers combine strong consulting, operations and technology skills to ensure the smooth migration of processes. The Pension Administration Operating teams are led by qualified professionals drawn from the Pension domain, including U.S. experienced QPAs, with rich experience in managing operations within U.S. Pension Industry, supported by well-educated, motivated and innovative process associates.

Process

We scan basic documents such as latest employee census, information to calculate Employer contributions, Trust Statements, Receivables Information for Current year & Prior year, Prior year 5500, and any other details required for processing. These documents are then stored in a secure server, and accessed by our RPC team to make the appropriate entries in the accounting software, as applicable to the client. If the team needs any clarification from client, such open items are immediately addressed by email to the client for appropriate answers.

Confidentiality of financial and other client information is of paramount importance. Data never leaves the secure server based in U.S. They are scanned for easy access by the associates but always reside at client location.

Engagement Model

Infodrive offers a flexible engagement model customized to meet each client’s individual needs.

We offer a pilot proof-of-concept for all our services without any commercial obligation from prospective clients. Engagement letters and services agreements are customized on a client-by-client basis. All services are provided based upon an agreed fee schedule, with a flexible billing plan including:

  • Hourly rate
  • Fixed rate per plan+ per participant charges
  • Revenue Sharing (agreed percentage of the billable amount to the end client)
Case Study
Case Study