The Conduent Pension Solution is a digital payment method companies can use to pay retirees who do not have, or choose not to have, a bank account to receive their wages.
This pension prepaid card solution is a great alternative to paper checks or direct deposit. Retirees appreciate that electronic payment makes it easy to securely access cash, pay bills or make purchases.
Benefits of Using Prepaid Cards for Pension
Advantages for Employers
As an experienced leader in digital payment solutions, we provide a feature-rich, easy-to-implement, secure pension alternative to paper checks that you can offer your retirees. This Conduent Pension Solution creates operational efficiencies, significant cost savings and improved retiree satisfaction.
- No cost to employer for Conduent core offerings.
- Streamline pension distribution with significant cost and time savings (avg. $6.00 per check for administrative costs).
- Eliminate the need to track and replace lost or stolen checks (full reg. E Coverage, bank-issued, FDIC-insured).
- Receive extensive client and retiree support and customer care.
- Improve usage and retiree satisfaction with our robust capabilities.
- Add retirees through an easy onboarding portal.
Advantages for Retirees
The non-mandatory Conduent Pension Solution provides cost savings, convenience, security and flexibility for retirees, as well as a vehicle for them to manage their expenses.
- No check cashing fees or stolen/lost pension checks. (Employees typically pay 3%-5% of their paper check to cash checking services.)
- Convenient, secure access and flexibility to funds over other card types.
- Gain the ability to make in-store and online purchases, as well as bill-pay options.
- Load and redeem funds easily.
- Improve money management through notification tools and education.
- Gain the prestige of using a branded card.
- FDIC insured for up to $250,000 per account
- Zero liability protection for unauthorized purchases
- Limited liability protection for loss of card
- Text and email account alerts
- IVR card replacement
- Free withdrawals at in-network ATMs as well as at OTC in-network bank teller
- Pay-to-the-penny capability
- Cash back ability at select retail merchants
- No-fee POS signature and PIN transactions
- Pay at the pump
- Bill payment capability
- Customer Care 24/7/365
- Replacement card with standard/expedited delivery
- Free balance inquiries through online, text, and customer care
- Mobile-optimized employee and employer portal
- Comprehensive employer reporting
- Online transaction history