The CORE Year-End Processing module simplifies and accelerates the process of managing year-end census and payroll data for retirement plans. Designed as a self-service, rules-based solution, it ensures accurate, validated data for seamless compliance testing and regulatory reporting, minimizing time consuming corrections and enhancing efficiency.
Key Capabilities
- Complete Data Management : Accepts both census and payroll data across all employees from any payroll system or provider.
- Smart Validation Engine : Validates mandatory fields and plan-specific business rules. Automatically flags errors such as bad dates, missing SSNs, or terminated participants.
- Compliance Ready Data : Auto-calculates eligibility and match values. Validates against IRS limits (402g, 415, compensation limits) to ensure data is ready for compliance testing and 5500 preparation
- FT Williams Integration : Direct integration with FT Williams enables seamless data submission for compliance testing and regulatory reporting.
- Flexible Data Output : Sends validated, clean data to third-party compliance systems or platforms as needed. Supports multiple file formats for compatibility.
Advanced Features for Sponsors and Administrators
- Real-Time Self-Service Portal: Sponsors can review, edit, and submit census data instantly. An intuitive interface allows real-time correction and confirmation.
- Dynamic Questionnaire: Collect additional plan details such as business entity types, ownership percentages, and officer status. Linked directly to census data to eliminate redundancies. (I have included it here as it is in the pipeline)
- Historical Data Access: Retrieve archived plan and participant data to validate or fill in missing information.
- Recordkeeping System Integration: Upload census and deposit data directly from existing Recordkeeping Systems (RKS). All updates sync back to the RKS to maintain consistency.
- Administrative Dashboard: Track verification progress across all sponsors. Gain visibility into the status of year-end data collection and validation.
Benefits
- Minimize manual corrections and errors.
- Ensure data integrity and regulatory compliance.
- Save time with automation and real-time validation.
- Flexibility to work with any payroll system.
- Improve sponsor and administrator experience with intuitive tools.
- Deployment Options
- Standalone Application or Fully Integrated Solution with CORE or other systems.
