According to a BISYS announcement, the enhancements include:
BISYS Contribution Engine (BCE)should enable plan sponsors to:
- process payroll files approximately 10 times faster
- automatically match the deposits made by plan participants with the corresponding payroll data
- accelerate the deposit-to-investment process
- enable new plan participants to be added directly through online payroll processing
- enhance the online contribution process with user-friendly error messages
- generate automatic notification of special payroll issues, such as hardships, loan payoffs, contribution limits, and missing investment elections
- generate a variety of custom management reports and trends analyses.
Interactive Web Complianceprovides a new, interactive step-by-step process that guides plan sponsors through the annual testing required to ensure that retirement plans are IRS-compliant.
The enhanced online compliance testing:
- provides plan sponsors with direct access to review, correct, and approve compliance tests
- provides quality control measures to verify the accuracy of plan- and participant-level data
- generates participant alerts to notify plan sponsors of missing or inaccurate census information, and provides the ability for plan sponsors to submit correct information online.
Census Integrity System is designed to expedite retirement plan information processing and improve processing accuracy by automatically monitoring the integrity of the information.
The Census Integrity System was designed to:
- ensure the integrity of retirement plan information, which is used to determine participant eligibility, produce customized enrollment brochures, generate demographic reports, and fulfill compliance requirements
- test information for more than 20 types of data errors
- generate prioritized alerts that notify plan sponsors of missing or inaccurate information.