Chicago-based Northern Trust has launched enhanced reporting capabilities for its Benefit Payment services, which issues more than 1.3 million pension and savings plan distributions each month for institutional clients in North America. Through Passport, Northern Trust's Web portal, plan sponsors can access an array of reports delivered in the format that they choose.
Passport for Benefit Payment Services helps clients manage their defined benefit, defined contribution and non-qualified plan payments efficiently and accurately, from basic needs to the most complex, including the ability to mask or suppress sensitive data including Individual Taxpayer Identification Numbers (ITINs) and other personal information.
The recent enhancements provide clients with the ability to choose when, how and in what format they can view their benefit payments data. An important component of the reporting solution is the ability to customize specific data elements that can be downloaded to a spreadsheet format, making the data very manageable.