Background: The U.S. Department of Labor releases Form 5500 information every six months, usually in the spring and fall of each year. This information can be as much as two years old when released. Because of the lag time, and the subsequent decay of data quality, it is imperative that this information be updated prior to its use for marketing/research purposes.
Some 5500-only data providers do not update the raw data, but simply republish "new" two-year old data when it comes out from the DOL. These same data vendors will downplay the importance of updating two-year old data. We think otherwise. Studies have shown that data decays at a rate of 2% per month. This means as much as 48% of contact information can be incorrect.
Other 5500 data providers do attempt to update the two-year old data through the use of telephone/web surveys of the Plan Sponsors. While we believe that this is better than not updating the data at all, the shear number of plans (there are over 1,200,000 Qualified Retirement and Health & Welfare Plans in the U.S.) makes this a challenging task. In fact, these same vendors reach only between 8 and 13% (approx 70,000) of all plans, and that just once per year. One should also note that this method is dependent on a Plan Sponsor's willingness to participate in the survey.
What makes PensionPlanet.com different?
Rather than relying on surveys or calling a small percentage of Plan Sponsors, or not updating the raw Form 5500 data at all, Pension Data Resources uses the unique D&B D-U-N-S Number to match our databases against Dun & Bradstreet's universally recognized database of over 18 million U.S. businesses on a monthly basis. With over 160 years in business, and over 12,000 employees, The Dun & Bradstreet Corporation is the oldest and largest business information company in the world. D&B makes over 1,000,000 changes to its database per day. Learn More about the DunsRight Process .
Our monthly updating process serves two purposes. First, it allows us to update critical pieces of marketing information such as addresses, phone numbers and area codes. Second, it allows us to append key data elements from the Dun & Bradstreet database that are NOT on the Form 5500. In a typical month, we match between 94 and 95% of the Form 5500 filings against the D&B database, ensuring the qualified plan marketer of using the most comprehensive and most accurate information available in today's marketplace!
10 Questions to ask before you buy another product!
Question 1: Since Form 5500 data is nearly two years old when released, how often is your database updated?
Question 2: Many vendors claim to update their data once or twice per year. Because the 5500 data is released twice a year in its raw form, what do you do to enhance the data, in addition to simply publishing the information as released, calling that an update?
Question 3: How are contact names and addresses updated, and how often? What is your methodology? Will you put it in writing?
Question 4: If contact names and addresses are updated, what percentage is updated, and how often?
Question 5: Some vendors claim to survey as many as 100,000 to 150,000 plan sponsors to verify certain information, including whether or not they are satisfied with their current service providers. Over what time period were these sponsors surveyed? Is that 100,000 over 1 year? 2 years? 5 years? What percentage of the entire Qualified Plan market does this represent? How often is this data updated?
Question 6: If you claim to survey plan sponsors to verify certain information, including whether or not they are satisfied with their service providers, what percentage are actually unsatisfied? How many people are sold this same information?
Question 7: Since many 5500 forms lack a contact, physical address and/or number of employees, how do you "fill in the blanks"? On how many records?
Question 8: What additional information am I getting beyond what's on the 5500? On how many records?
Question 9: Do you provide all the executives in the Human Resources and Financial functions, or do I have to make several calls to find the right decision maker? If so, on how many records?
Question 10: Can you provide me with email addresses, fax numbers and plan sponsor websites? If so, how many?