Pension

Israel's pension market is under dramatic changes due to regulation that make employers directly responsible for managing and controlling pension payments. At the same time, growing numbers of employees are seeking to engage directly with pension and provident funds. What preparations do you need to make to clear pension payments directly with institutional authorities? How do you deal with deficiencies in the feedback files? How do you go about preparing to work with multiple agents? Hilan pension operation management solution offers a full range of services affording your organization peace of mind and statutory compliance, error avoidance and control.

Pension Operation Management Hilan pension operation management solution serves as a pension administration firm (as defined by the Ministry of Finance); a team of professional and experienced personnel provides employers with the full complement of pension administration services, including smooth and hassle-free integration with the payroll. The services are based on Hilan's payroll module which is tightly integrated with Hilan's other modules.

Pension Direct Clearing As of January 2016, the Israeli regulation holds the employer directly responsible for clearing payments, notifying funds about terminations of employment, receiving feedback from the funds, reconcile errors, etc. Hilan's pension direct clearing solution does all this seamlessly, sending files securely to all the institutional authorities, delivering feedback to the payroll module, analyzing deficiencies, and flagging discrepancies for correction.

Pension Table-Rule & Multiple Agents Management Hilan offers pension table rule and multiple agents management module, fully integrated with payroll. Employer pension policy management is built right into the payroll module; a web interface to pension provident fund managers & agents facilitates input of the products of the consulting, which are then immediately validated against the pension policy and automatically updated in the payroll module. The solution is vital to organizations preparing to comply with multiple agent regulation.

Pension control This new reality, holding employers directly responsible for managing and controlling pension payments, saddles organizations with a huge administrative workload, while struggling to control the numerous facets of it. Hilan pension operation management service is currently used by hundreds of employers; one of the key benefits: the service focuses on control and correction of deficiencies by working directly with all pension fund management companies in Israel, cutting out brokers entirely.

Management of Severance Pay Balances Reporting of severance pay balances is a complex and sensitive pension process executed by employers for the purposes of financial reports and completing the 161 form. Severance pay balances are managed in the Hilan module at the level of the employees' personal data, so that as an employer, you can retrieve severance pay balances into reports at any time, and complete up-to-date balances on the 161 forms independently. arrow