PX3000 Review - why 4.7 stars?

PX3000 Review
ITQlick Score: 90/100
ITQlick Rating: (4.7/5)
Pricing: 6.2/10 - high cost
Category: Benefits Administration -> PX3000
Ranking:Ranked 3 out of 79 Benefits Administration systems
Company: Penad Pension Services
Typical customers: Small, medium and large size businesses
Platforms: Desktop, Cloud
Links: PX3000 pricing, PX3000 alternatives

Shlomi LaviShlomi Lavi / updated: Mar 02, 2022

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What is PX3000?

PX3000 is a cloud-based benefits administration software designed to provide complete administration of all types of pension and benefits plans. The software comes with features such as:
  • Data Acquisition and Plan Installation: Penad enters pension information of end-users into an administrative database of the system. During this stage, data auditing and purification services are also provided. Penad will provide all members with member certificates, as well as an Administration Guide with forms and materials for new transactions, to the plan sponsor.
  • Comprehensive Monthly Administration: This feature includes: the enrollment of new members, ongoing data changes (beneficiary update, etc.), Updating of contributions, Updating of salary changes/hours worked, Responding to member inquiries, and What-if pension calculations.
  • Year-End Reports and Member Statements: Penad gives Year-End Reports which are sent to the plan sponsor and individual employers, as well as flex-design Member Statements. This feature also comes with Member benefit accrual updates, Pension adjustments, reversals, and Government information returns.
  • Actuarial Services: While Penad provides administration-only services to strategize sponsors who have an actuarial provider, the system also provides full pension-related actuarial services, such as Pre valuation planning meetings, Preparation, and submission of Pension Benefits Guarantee Fund (PBGF), Plan design changes, and amendments, etc.
  • Consulting: With this feature, end-users can expect full pension plan consulting, including Design, updates, and amendments to plan rules, Expert advice during union negotiations, Planning data audits, etc.
PX3000 (Penad) is a benefits administration software that started in 1983. The company is headquartered in Kitchener, Ontario, Canada. The company has a workforce of up to 50 employees.


What is PX3000 rating?

The rating of PX3000 is 4.7 stars out of 5 and the total score is 90 out of 100. The ratings are based on our unbiased experts. Learn more in our rating methodology page

Who uses PX3000?

The typical customers include the following business size: Small, medium and large size businesses.

Is PX3000 the best Benefits Administration system?

PX3000 is ranked 3 out of 79 software in their category (Benefits Administration systems).

What are PX3000's pros? (3 Pros)

  • The PX3000 includes an ad hoc reporter that integrates with Word, Excel, Access, HTML, and ASCII
  • PX3000 is a scalable pensions administration platform
  • Users can track an unlimited number of individual/group pension accounts

What are PX3000's cons? (2 cons)

  • The software is limited in support channels when compared to its alternatives
  • Reporting features need improvement

Who are their main alternatives?

PX3000 competes with other benefits administration products like ADP Workforce Now, Paylocity, and Rippling. We will compare these benefits administration products in some specific aspects below.
  • Functionality: PX3000 offers features like Deduction Management, Employee Benefits Administration, Online Benefits Enrollment, Provider Management, Retirement Plan Management, etc. ADP Workforce Now offers features like Online Open Enrollment (available in PX3000), Benefits Plan Creation Wizard, Customizable Benefits Practitioner Dashboard, Intuitive Employee Mobile App, Seamless Integration with Payroll, HR and Financial Systems, Benefits Analytics & Decision Support, Automated Regulatory Compliance, etc. Paylocity offers features like Empower Employees, Enjoy the Ease of Mobile Access, Educate Employees, Carrier Files Update Coverage with Ease, Access to Quick Information, Get a Heads Up (and Keep Your Plans on Track), etc. Rippling offers features like Online new hire enrollment, Third-party broker support, Online open enrollment (available in PX3000 and ADP Workforce Now), Payroll deductions sync, Online employee self-service, Small & large group benefits, Flex benefits: FSA/HAS/commuter, ACA & COBRA administration, etc.
  • Customers/Industries: Rippling targets Technology, Professional Services, Financial Services, Retail, Nonprofits, Marketing & Advertising, Manufacturing, Restaurants, Healthcare, etc. Rippling has customers like Compass coffee, Beam Dental, Double Good, Superhuman, etc. ADP Workforce Now targets Restaurant/Hospitality, Manufacturing, Professional & Technical Services, Construction, Financial Services, Retail, Health Care, Government/Education, and Nonprofit/Social Services. Paylocity targets Financial Services, Healthcare, Manufacturing, Nonprofit and Education, Restaurants and Hospitality, Retail and Wholesale, Tech and Professional Services, and Transportation & Logistics.
  • Cost: The license cost information for PX3000 is unavailable on its official website. PX3000 has a cost rating of 3.1/5 according to ITQlick expert cost analysis. This means it is an average-cost benefits administration software. The rating system considers this software rated 1-2 as low-cost and 4-5 as high cost. The license cost information for ADP Workforce Now and Paylocity is unavailable. Rippling starts at $8.00 per feature per month and comes with a free trial.
  • Cloud-based/On-premise: PX3000 and all its alternatives are cloud-based.
  • Scalability: PX3000, Paylocity, Rippling, and ADP Workforce Now can accommodate small to large enterprises.
  • Support: PX3000 offers support channels like Email/Help Desk, Phone Support, and Chat. Paylocity and Rippling offer all support channels of PX3000 plus FAQs/Forum and Knowledge Base. ADP Workforce Now offers all support channels of PX3000 plus FAQs/Forum, Knowledge Base, and 24/7 (Live Rep).

What is the cost of PX3000?

What is the REAL total cost of implementation? on top of the total cost of licenses which is easy to calculate you need to add the cost of training, customization, data migration, and other "hidden cost". ITQlick pricing score is 6.2 out of 10 (10 is most expensive). Find here the REAL total cost breakdown for PX3000

What should you ask Penad Pension Services during a demo session? (65 questions)

Schedule a demo with PX3000 and access 65 must ask questions for the vendor while watching PX3000 in action. Visit the vendor's website here.

Where PX3000 is used?

The system can be used by financial institutions to track and service an unlimited number of individual or group pension accounts made up of various sorts of savings. Administrators can create pension plans and enroll new members while keeping track of deposits, account statements, fund transfers, terminations, withdrawals, and other details.

List of categories

Business Plan
Benefits Administration
Employee Management

PX3000 Vs. Alternatives

ITQlick rating
Score
Pricing
License pricing
Functionality
Review
Compare
PX3000
ITQlick rating
4.7/5
Score
90/100
Pricing
6.2/10
License pricing
Pricing not available
Functionality
3
Review
Compare
Benelogic
ITQlick rating
4/5
Score
92/100
Pricing
5.6/10
License pricing
Pricing not available
Functionality
3
Decisely
ITQlick rating
4.6/5
Score
92/100
Pricing
7/10
License pricing
Pricing not available
Functionality
4
COBRApoint
ITQlick rating
4.3/5
Score
88/100
Pricing
3.8/10
License pricing
Pricing not available
Functionality
6
PeopleKeep
ITQlick rating
3.1/5
Score
86/100
Pricing
5.8/10
License pricing
$45 per seat/month
Functionality
3
Author

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.