According to the announcement, 403(b) PlanSolutions has three components:
- Installation services that provide a fully compliant 403(b) plan document and supporting notices to employees,
- Common remitting services to process and remit contributions to approved 403(b) providers, and
- Proactive compliance monitoring of all approved providers, including monitoring of transfers, contributions, catch-up limits, hardships, loans, and distributions.
Paul Dietz, Security Benefit vice president, business development, said in the announcement that plan sponsors will have the flexibility to choose the level of support they need.
Additionally, the firm is producing communication and education materials for plan sponsors regarding these new services.
Additional information may be found at www.securitybenefit.com .