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Recordkeeping
and Administrative Services
"State
of the Art" Systems
The QuikPath 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.
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
-
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
Plan
Level Accounting
The QuikPath 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.
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.
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 QuikPath 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
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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.
Telephone exchanges eliminate the burdensome paperwork created by
manual exchanges, thereby reducing the workload on your staff. Here
are the options available when your employees call:
1. Account and Investment Information
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Current account balances
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Deferral percentage
2. 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 non-business 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
QuikPath
provides timely, accurate and detailed reporting
to both you, as Plan Sponsor, and to plan participants.
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Plan
Sponsor Reports
QuikPath
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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Tax Reporting (annually) – Forms
1099R provided on distributions from the Plan.
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