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An auditor’s delight!

Authorized Signers

J.P. Morgan recently performed a review of all client files and requested that Plan Sponsors update the authorized signers that are permitted to make changes to their participant data. Please note that only those individuals listed are authorized to provide benefit payment instructions to J.P. Morgan. In the event that you have personnel changes in your office, please contact your J.P. Morgan benefit payment representative immediately to update.

Built-in Quality Control Functionality

Clients are thrilled with J.P. Morgan’s new built-in quality control functionality for our on-line benefit payment system, InfoWeb. Quality Control provides an added level of approval for newly added/updated payees and their associated payments. When payees, installments, or payments are added and/or updated within a paygroup, the payee status is automatically updated to an ‘H – Held’ status. Only individuals with the specific security entitlement to ‘release payees’ can change the status from ‘Held’ to ‘Active’. A payee must be in an ‘Active’ status to produce a payment.

This system feature will be turned on for all users system-wide throughout the fourth quarter of 2010.

Additional system training material will be provided and demonstrations on this functionality can be arranged by your J.P. Morgan benefit payment representative.

Self-service

J.P. Morgan’s InfoWeb system simplifies disbursement administration by allowing you the ability to initiate changes directly from your workstation. Instead of tedious faxing, you will input your own change directives and create a more efficient benefit payment experience.

To view the next article, Regulatory Review, please click here.

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