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- Who We Serve
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Benefit Payment Services
Payment Support
Northern Trust Retirees
A complete solution that combines expertise, efficiency and innovation.
Who We Serve
- Retirement Plans – Defined Benefit/DB, Defined Contribution/DC, Non-Qualified/NQ
- Insurance Companies – Pension Risk Transfer/PRT Annuitants
What We Do
You need a flexible system and dedicated servicing from an experienced leader. Your beneficiaries want the security of knowing they will receive their payments.
Northern Trust's Benefit Payment Services offers exceptional support for both US and Canadian plans. With years of experience issuing payments for pension, group annuity, savings, and non-qualified plans, as well as issuing the associated tax forms, Northern Trust offers the expertise you need.
Our Advantages
- Flexibility to issue payments on any business day with 24-hour expected turnaround for payment direction
- Various payment schedules and payable dates for ongoing distributions
- Comprehensive online inquiry and update capabilities for both Clients and their Participants
- Continual system updates in response to regulatory changes
- Full tax remittance services, including 1099-R, 1099-MISC, 1099-INT, 1099-NEC, 1042-S (NRA), 480.7C (PR), W-2 and the corresponding 941/945 filings
- Data protection through comprehensive security measures
- Pension Risk Transfer and De-Risking solutions
- Partnering capabilities with 40+ third party administrators
- A well-defined transition process that enables an efficient transfer of payments
- Professional Client Service Representatives to address all aspects of your benefit payment needs
Resources
Insights and Research
April 18, 2024
With pension risk transfers seeing record growth, insurers are seeking cost-effective solutions to manage the increasingly complex portfolios and transactions.
A comprehensive look at how asset owners are navigating investment strategies, operational challenges, and emerging opportunities in a dynamic market.
Solutions in Motion
Find out how else we can help you with your Asset Servicing needs: