According to the Hartford, the new electronic remittance feature is specially designed for 401(k) plans with fewer than 250 participants. It allows plan sponsors to set up a participant data template online, using The Hartford’s recordkeeping database as a source and reference, with the ability to modify the template for future payroll cycles. Once established, plan sponsors can privately view the template, which is pre-filled with each participant’s name and social security number, and simply enter the date and the dollar amount of the contribution or loan detail before submitting it electronically.
Additionally, the Hartford notes that plan sponsors and third party administrators (TPAs) can now request their own automated clearinghouse (ACH) debit through HartfordOnline at no additional charge. This feature can help save time and money by eliminating checks and wire transfers, while at the same time enhancing accuracy. Clients can send participant information, request an ACH debit or do both at the same time.
Through the Plan Sponsor Toolbox employers can gain access to a variety of documents applicable to their daily functions, including administrative forms, resources such as training materials and flash file tutorials, as well as the plan administrator’s guide.
The Hartford says that the new HartfordOnline features complement electronic enrollment, which is currently available to plan sponsors and allows employees to enroll for participation in the plan any time, day or night.
You can find out more information at http://www.thehartford.com/prod_serv/retire_pro/index.html .