Beware the “SIMPLE” Task
Communication is the crux upon which fund office efficiency and participant satisfaction rest. For fund office employees who spend their days tackling complicated pension calculations and untying cryptic eligibility factors, it can, for obvious reasons, be appealing to stamp the disclaimer “SIMPLE” on certain tasks. Pushing a task down on the list of priorities before taking the time to understand where within the web of fund office activity the task exists, and therefore identifying all paths that lead both to and from it, can prove to have far reaching consequences. Maintenance of participant information, and mailing addresses in particular, sound like an innocuous, if not slightly menial task. The immediate problem lies in the fact that people’s lives are not static and, therefore, tracking them as they live to ensure consistent and effective fund office communication efforts, is no easy task. A failure along the lines of communication can interfere with benefits administration and can lead to dissatisfied participants and a less than compliant fund office.
The seemingly simple tasks are the ones whose implications can grow to monstrous proportions, and unlike the known beasts of fund office operations, can leave their proponents wholly unprepared for battle. So, prioritize the task at hand, make it a habit and do your due diligence, this year and going forward.