Web Testing is the new product from New Orleans-based Pan-American Life to be launched on its 401(k) Plan Sponsor extranet. The application allows plan sponsors to monitor current annual deferral percentage (ADP) and average contribution percentage (ACP) data on their highly compensated and non-highly compensated employees, according to a news release.
The introduction of Web Testing will not only allow plan sponsors to view year-to-date ACP and ADP data, but can also be utilized to run a nondiscrimination test during the year. Thus, if the company’s 401(k) plan conducts an enrollment meeting, a test can be conducted before and then again afterwards. If the enrollment successfully attracted new non-highly compensated participants, then the plan’s highly compensated employees might be able to make larger contributions for the remainder of the year.
More information can be found at www.panamericanlife.com .