The new subsidiary, headquartered in Syracuse, New York, delivers plan maintenance, plan compliance, and common remitter services.
According to a press release, PlanConnect offers plan sponsors choice among three core TPA services:
- Connect2Maintain – This service ensures that plan sponsors who manage 403(b) and 457(b) plans have access to the information and forms that reflect the latest rules and regulations from the Internal Revenue Service (IRS) and Department of Labor (DoL). Through Connect2Maintain, plan sponsors are provided plan documents or amendments, as required, due to new regulations or changes to retirement plans; investment provider agreements coordinated with plan providers; and all required administrative forms and a secure recordkeeping repository.
- Connect2Comply – This service keeps 403(b) and 457(b) plans compliant with all IRS and DoL regulations by constantly monitoring transactions. The real-time service supervises annual contribution limits, including catch-up provisions; in-service loans and withdrawal amounts; and contract exchanges, plan-to-plan transfers and rollovers. As part of its Connect2Comply offering, PlanConnect provides resources and support if plan sponsors are audited by the IRS. Connect2Comply also offers sponsors online tools that support a Web interface so plan participants can track accounts that are customizable so compliance monitoring becomes virtually paperless for plan sponsors.
- Connect2Remit – This service ensures that employee contributions to retirement plans are quickly and accurately processed. In addition, Connect2Remit securely distributes 403(b) and 457(b) contributions to the appropriate provider, regardless of how many providers a plan sponsor has under their plan. Connect2Remit also offers online participant salary reduction agreement processing; easy payroll file processing; and online payroll data validation.
More information is at http://www.planconnect.com.