PX3000 Review - why 4.7 stars?

Shlomi 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.

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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.

Frequently Asked Questions (FAQs)

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.