CPI Common Remitter Services will offer the Common Remitter and Compliance Program (CRCP), which features three different service levels, allowing plan sponsors to choose the level of daily involvement they will have with the administrative aspects of their 403(b) retirement plans and the multiple vendors participating within their school district or tax exempt organization. According to the announcement, in addition to plan documentation, vendor verification, required testing, and limits monitoring, CRCP also offers Internet and call center services for the plan sponsor and participants.
“Payroll processing can continue as usual, and the plan sponsor can include any number of vendors in the 403(b) plan to meet the needs of the plan participants,” Jon Prescott, Chief Marketing Officer, said in the announcement.
Final 403(b) regulations put out in 2007 include more stringent rules about making sure plan requirements for loans, withdrawals, and transfers are being met by the multiple vendors at which participants hold accounts (See Final 403(b) Regs Give Sponsors a Break on their Effective Date ). The 2006 NTSAA (National Tax Sheltered Accounts Association) & Cerulli Associates 403(b) Vendor Survey noted plan sponsors were moving toward limiting the number of vendors used in order to ease their administrative burden; monitor participation rates, contributions, and withdrawals; and lower participant fees, in anticipation of the final rules (See 403(b) Vendors Brace for Change ).