How does BrightScope verify data received from users and other non-government sources?
BrightScope has developed a rigorous process to ensure that all data received from plan sponsors and other non-government sources is accurate. The first step in this process is a complete analysis by BrightScope’s research team. Each form that BrightScope requests has its own checklist to verify that the form is current and has not been tampered with. Next BrightScope double-checks a company’s current Form 5500 and Audit Report against previous years. Because the Form 5500 and Audit Report contain beginning-of-year as well as end-of-year data, BrightScope can ensure that all data contained on the new form matches up with data contained on a previous form. Finally, BrightScope runs all of its data through a series of tests that determine the reasonableness of data. If there is a dramatic year-over-year reduction in fees or increase in assets, our algorithms flag the plan for closer review. BrightScope will contact a company’s HR and/or management team to resolve any data problems that i
