The online Plan Design System takes you step-by-step through designing a Plan from selecting Plan provisions, investments, loans, distributions and identifying the roles and responsibilities of the Plan. The system allows for easy import of key data including employee census, loan data, trade histories and investment elections.
Providers are able to view summary Plan balances across all their Plans on the system. Furthermore, via the Plan access panel Providers can view the specifics of each plan and individual participant accounts. To keep their clients informed about investments regarding the plan, the built in Message Center allows the Provider to post bulletins and send/receive messages with Plan sponsors and participants.
The platform allows authorized user(s) to process regular as well as "special" contributions, such as transfers/rollovers from outside investment service providers. Contribution payroll information can be uploaded directly into the system or users can key in data via the contribution processing grid. The system will perform automatic validation checking and report any errors or rule violations encountered in the data.
Loan & Distribution Processing
The online Participant Gateway allows participants to request loans and distributions from their account based on the allowable Plan provisions. The system dynamically generates customized signature ready PDF documents for the participant to print, sign and submit for processing. At the Plan Provider Gateway the processing panel displays a list of pending loan and distribution requests submitted by Plan participants across all Plans in the system. Authorized plan administration user(s) can approve or deny the requests.
ACTIVITY & REPORTS
Comprehensive reporting is available online in the reports module of the Plan Provider Gateway. All reports are instantly created and available in multiple formats including: PDF, EXCEL, Text, TIFF and HTML for printing or archiving. Reports types include:
- Plan Statement
- Plan Investments
- Contribution Summary
- Deferral Changes Report
- Summary Participant Statements
- Participant Investment Elections
- Participant Balances by Source/Fund
- Plan Census
- Active Loans
- Delinquent Loans
- Required Minimum Distributions
- Fee Summary
In addition to the defined reports the platform allows to export data in EXCEL and ASCII formats for importing to other reporting engines. Exports types include:
- Participant Synoptic Data
- Export Participant Census
- Participant Census & Source Activity
- Participant Statement Extract