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 review
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.

Who is it best for?

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

What is the actual cost?

ITQlick pricing score is 6.2 out of 10 (10 is most expensive). Access ITQlick pricing guide for PX3000.

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

Cons

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

How it stacks up?

Access a head to head analysis of PX3000 vs alternative software solutions.
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
$75 per seat/month
Functionality
3

Frequently Asked Questions (FAQs)

Is it the best Benefits Administration system?

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

How they are rated on ITQlick?

The rating of PX3000 is 4.7 stars out of 5 and the total score is 90 out of 100. The rating score is based on our unbiased data-based algo. Learn more - rating methodology page.

Is it an easy to use Software?

Yes, PX3000 makes it fairly easy to use. This product is user friendly and intuitive.

Is it cloud-based?

Yes, they offer cloud based hosting, which means IT resources are retrieved through web-based tools and applications and you don't need to buy servers and additional hardware equipment.

Can it be used on mobile?

No, currently PX3000 can't be accessed on mobile, you would need to access it from your computer.

What should we ask during a demo session?

Differences between PX3000 and alternatives?

The most popular alternatives to PX3000 in 2022: Benelogic, Decisely, COBRApoint, PeopleKeep, Summit. Access the complete competitors analysis here - PX3000 VS Benefits Administration Software alternatives.

Is PX3000 right for you or your business?

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

Author - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.