The 401(k) STAR platform was designed to allow intermediaries and third-party administrators (TPAs) the ability to offer plans with less than 500 participants access to an Internet-based 401(k) solution that utilizes INVESCO’s recordkeeping expertise.
INVESCO says 401(k) STAR unbundles administrative services by sharing data information transactions and in-depth progress reports with intermediaries, plan sponsors, and Third Party Administrators. The platform offers:
- online enrollment and education
- paperless loans
- online statements
- plan reports and demographics
- transactional account management with fund fact sheets and prospectuses.
Set up and enrollment for the plan sponsor and enrollment by participants is facilitated through use of the Internet and supported by a Voice Response Unit (VRU), as well as a call center. A range of fund selections, including INVESCO Funds and AIM Funds, will be offered.
In addition, the program offers
- use of standard plan documents provided either by INVESCO or other financial service groups
- an Electronic Data Interchange for the flow of transactional information, including an automated payroll upload through the use of an established service provider or other standardized data format.
- online plan setup for the plan sponsor through the use of a wizard-driven set up manager, a guided process that takes the sponsor through a step-by-step registration procedure.
Atlanta-based INVESCO Retirement currently provides retirement plan services for more than 1,450 plans in the mid and large market. 401(k) STAR is marketed through a variety of strategic relationships with other financial service companies.