From Heidi Golaboski:
At T. Rowe Price, BAs have started looking at and testing the Insurance functionality in OmniPlus. There are several questions that we are interested in on how others use OmniPlus Insurance functionality:
- Are they allowing clients to select either the Full or Partial Method?
- If they are allowing either, are they allowing that to vary from participant to participant?
- Did they establish a standard investment to be used as the Insurance Fund across all clients?
- Are they allowing variation of Premium Due Date from participant to participant?
- Are the clients okay with the premiums coming from whatever source the participant has in the contribution?
- If they want the deferral (for example) amount to exceed the premium taken, how do they handle contributions where the premium exceeds that source?
- Are they reflecting the target and/or processed amounts on their statements?
- How are they handling exception processing?
- Policy cancelled after money has been placed into insurance fund
- Participant terminates while money is already in insurance fund
- Contributions are reduced such that the target isn’t reached by the due date
