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Recordkeeping
and Administrative Services
We maintain rigorous standards for our
operations. By controlling a strict ratio of administrative
personnel to clients, we have quick turn-around times for
transaction processing, timely preparation of participant reports,
and short telephone response times. And we continue to commit
extensive capital and operating funds to further enhance and support
a broad-based systems capability. In this way, we are able to offer
our clients:
"State
of the Art" Systems
The PATHWAYS participant recordkeeping system provides a
wide range of participant and plan level service features. These
features are designed to maximize employee satisfaction and
participation, and to minimize the administrative burden on your
staff. They provide extensive sponsor control and choice within the
framework necessary for compliance with Federal regulations.
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Daily
Valuation
Each business day, all mutual funds are updated on our
recordkeeping system. As the various funds pay dividends and capital
gains, each participant account is credited with earned income. In
addition to serving as the basis for our flexible processing system,
daily valuation provides for:
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participant and plan level accounts
to be balanced each day
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daily account inquiry by
participant and sponsor
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timely and accurate withdrawals
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accurate payout calculations for
terminating participants, including accruals to date
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loan information
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Plan
Level Accounting
The PATHWAYS program provides complete accounting for up
to six different sources of contributions, as well as for multiple
investment options. Incoming contributions will be split among
investments according to participant directions.
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Participant
Level Accounting
Participant data maintained on the system includes name,
social security number, address, date of hire, date of birth, and
such optional items as divisional codes and status codes which may
be required to administer your Plan, as well as each participant’s
contribution allocation percentages for each fund.
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Employee
Loan Processing
The recordkeeping system can process loans, and will determine
the amortization schedule which calculates principal and interest.
The system allows one outstanding loan per participant, exclusive of
any loans taken prior to the adoption of the program.
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Non-Discrimination
Testing
We have developed and installed our own compliance testing
program in an effort to more effectively respond to our clients’
needs. Our in-house program provides the flexibility required to
meet the unique requirements of each individual plan. We are able to
perform 401(k), 401(m), multiple use, and elective deferral testing.
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Daily
Valuation - The Retirement Benefits Line
Your participants will enjoy the advantage of receiving updated
account information whenever they call, as well as the flexibility
of being able to change their investments on a timely basis. And
telephone exchange eliminates the burdensome paperwork created by
manual exchanges, thereby reducing the workload on your staff. Our
toll-free telephone service is available seven days a week, 24 hours
a day, except holidays.
Options available when your
participants call:
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Account and Investment Information
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Current Account Balances
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Deferral percentages
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Investment descriptions
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Loan Information
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Current outstanding loan
balance
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Funds available for a new loan
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Request a loan application
package
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Changes and Transfers
Transactions will be processed at the
unit value on the day on which they are entered, provided they are
entered by 4:00 p.m. on a regular business day. Any transaction
entered after 4:00 p.m. or on a nonbusiness day will be processed
using the unit value at the close of the following business day.
Upgraded account information will be available the next business
day.
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Experienced
Administrative Support
In order to insure consistent quality and complete
accuracy in our recordkeeping service, we use the team concept of
plan management. Each team is dedicated to, and completely
accountable for, their particular clients. Teams become thoroughly
familiar with their clients’ needs enabling them to provide high-quality, focused service.
Each team is led by an Account Manager
with both plan benefits experience and systems knowledge. The
Account Manager serves as the main contact for service-related
issues, coordinating with your dedicated Processing Specialist, who
is responsible for ensuring timely processing and quality control
for every plan transaction. All processing flows through an
extensive series of systems edits and audits ensuring quality and
accuracy throughout all recordkeeping activities.
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Timely
and Accurate Administrative Reporting
PATHWAYS provides timely, accurate and detailed
reporting to both you, as Plan Sponsor, and to plan participants.
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Plan
Sponsor Reports
PATHWAYS
provides all reports required for effective
plan administration, including:
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Administrative
Report (quarterly) – Provides Plan Sponsor with summary of
activity within individual participant accounts for quarterly
period, broken down by money source, fund, and transaction type.
Also provides "Balance Items" for prior quarter and
new quarter.
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Signature-ready
Form 5500 (annually).
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Participant
Reports
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Participant
Statement (quarterly) – Provides detailed account balance
information by fund and money source. Statements may be sent
directly to participants’ homes, maximizing the timelines of
statements and reducing the workload on your staff.
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Investment
Performance Updates (quarterly) – Provides updated performance
figures for the investment options offered by your Plan.
Performance updates are also included in the
participant/newsletter statement.
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Exchange Confirmation (within 5 business days)
– Provides the participant with written confirmation of any exchange and/or change in future
contributions made via telephone.
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Tax Reporting
(annually) – Form 1099R provided on distributions from the Plan.
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Summary Annual
Report (annually).
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