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.
- 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.
