The application allows non-qualified plan participants in non-qualified executive benefit plans to remotely perform the plan enrollment process over the Internet.
Participant information that can now be entered online includes:
- participant indicative data,
- eligibility requirements,
- deferral amounts and percentages,
- source of fund options, and
- distribution options per account
Each of these data elements will be edited against changeable plan level parameters contained within the record keeping system.
In addition to the participant level features, the application will also provide plan administrators and sponsors with enrollment audit reports and participation statistics.