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BNY Mellon is committed to providing prompt, professional Benefit Disbursements services to our clients and their participants.
We specialize in services for the following plans: Qualified and Non-qualified, Supplemental Executive Retirement, Rabbi Trusts, Cash Balance, 401K, 457 and 403B, Collective Trusts and Length of Service Award Programs.
BNY Mellon Benefit Disbursements uses a proven methodology and standard processing model to endeavor to ensure payments are correct and on time according to the direction received from our clients.
With a clear focus on client service, our Benefit Disbursements Representatives are responsible for the complete satisfaction of their clients. Standard processing models are employed and processes followed resulting in the timely delivery of approximately 1.7 million payments each month. By employing a team structure, there is always a knowledgeable associate available to provide assistance on any piece of the payment processing cycle.
Knowledgeable in the requirements of Federal and State taxing agencies, our team works to execute all tasks timely, including the distribution of tax forms to participants and filings for both domestic and foreign payments.
The BNY Mellon Tax Team has extensive experience with tax processing, including calculating, withholding, depositing, reporting to the appropriate agencies and the production of participant tax forms, approximately 2.3 million are produced each year. Duplicate tax forms are available on-line to both our clients and participants via our websites. The team is proficient with the establishment of all levies and garnishments and the reclaim process.
A variety of easy request methods provide clients with access to participant and payment information in a secure environment. Information is available in a report format or as an extract.
Individual requests, activity driven, ad hoc or scheduled, reports and file extracts are available on-line and provide efficient access to all information or a subset as selected by our client. Information is delivered in a variety of formats.
Our Benefit Disbursements System, BenPay, is Web accessible to our clients, in a real-time environment via Workbench. The specific design of the site creates efficiencies when making an update or inquiry and all of the data is readily available.
Selecting the specific section from the drop down menu of the navigation bar moves the user directly to desired location. Users can make inquiries or add or update participant information. Payment History includes the ability to request reverse/reissue of an outstanding check and to obtain the image of a presented check. Website access is authorized by the client for all parties outside of the BNY Mellon team.
Empowering participants to conveniently access and update information through this self-service tool saves them time and increases satisfaction due to the ease of use and the 24 X 7 availability. Our standard model recommends limiting or suppressing advices to reduce risk and provide savings to the plan.
Participants can view on-line payment history and presented check and tax form images and can download or print, as needed. They can make changes to their addresses, direct deposit information and tax withholding preferences and have the ability to request a reissue of a check. Data is available sooner and on their desktop, laptop, tablet or phone with an internet connection.