A news release from Boston Financial Data Services, a provider of outsourced services for the retirement plan and mutual fund industries, said the new Web-based tool was developed by Boston Financial’s technology partner, DST Systems. The site provides access to plan provider information housed on DST’s recordkeeping platform, TRAC, according to the release.
“With this technology, as soon as a plan sponsor completes the online annual compliance questionnaire, we can begin compliance testing,” said Bob Regan, division vice president, Boston Financial, in the news release. “It streamlines the entire census validation and compliance testing process.”
The announcement said t he task of reconciling discrepancies between a plan sponsor’s census information and the information held by the provider is time consuming and often causes delays in the annual compliance testing process. The new Web-based solution will make it easier for sponsors to meet IRS compliance testing deadllines and avoid tax penalties.
Boston Financial is a joint venture established in 1973 between DST, of Kansas City, Missouri , and State Street Corporation.More information about Boston Financial is here .