In addition to providing all the basic functionality to support multi-vendor distribution coordination and compliance, Retirement Manager’s newest addition, Core Compliance, reduces unnecessary costs, eliminates administrative challenges, and aggregates plan data securely and safely through several features including vendor-neutral plan administration tools, plan-level loan and distribution eligibility determination, participant tools, and calculators and plan-level reporting.
According to the announcement, Retirement Manager Core Compliance includes several vendor-neutral plan administration tools such as a plan sponsor Web site, participant self-service Web site, and universal availability communication templates. The plan-level loan and distribution eligibility determination uses data aggregated across participating vendors, via industry standard SPARK files, to provide distribution and loan eligibility certificates.
Participant tools and calculators designed to help employees with financial planning and education are also part of the enhancements. Another new addition to Core Compliance is automated contribution suspension following a hardship distribution and contribution limits monitoring and enforcement.
The new enhancements to Retirement Manager Core Compliance are available at no charge, in most cases, VALIC said.More information about Retirement Manager is at http://www.valic.com/Simplify-Plan-Administration_82_19167.html.