Our software can handle any retirement, termination, other member's life transitions (death, disability, marriage breakdown, shortened life expectancy, etc.) Member services simply move the member from Active or Inactive to retired and automatically calculates their retirement or commutation options. You then present the member with an authorization and await the returned election. You can start paying in minutes.
A quick double check to make sure everything is in order, and the case is transferred instantly to the financial payments module. Typically this is handled by another individual - in the finance department (read: approver, or signing authority). Adjust the net payment for the appropriate taxes and send it off for payment. Our software even handles garnishments, unlimited additional tax deductions and as many payment options as necessary.