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Benefit
Services Group, Inc. maintains a browser based secured website
for qualified plan administration. The program is designed
to reduce or eliminate the massive amounts of paper and
paper work associated with qualified plan administration.
The program connects the financial institution funding the
plan, the financial representative advising, the plan, the
BSGI plan consultant servicing the plan, and the plan sponsor,
for paperless administration. |
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The
program is NOT designed to be a self service impersonal
e-commerce substitute for personalized, professional, services.
It is designed to eliminate paper flow and increase productivity
for all parties to the plan. The website provides the meeting
place for all parties to consult, collaborate, and communicate
during all phases of plan administration. The process begins
with plan design, continues through installation, and into
ongoing plan administration. Electronic files are arranged
and maintained in a logical format for qualified plan administration.
File access at the secured site is managed by Benefit Services
Group, Inc.,based
on the plan sponsor’s approval. The major file divisions
include: |
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A
facility to collect plan design information, provide task
management, plan status and notes for all parties during
the installation process. The need for phone calls and follow-ups
is eliminated.Current status is available to all parties
at all times. A completed installation E-file will be archived
as a permanent record, accessible for historical information. |
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The
complete finalized documents package is delivered through
and maintained at the website. The file includes resolutions,
plan and trust, SPD, loan and investment policy statements.
Plan amendments or changes are added as implemented. The
need to copy, mail, or distribute volumes of plan documents
is eliminated. |
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| All
correspondence between parties is completed electronically
and maintained in the |
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E-correspondence
file for access as needed. Hard copy correspondence is scanned
and added so that the need for the plan sponsor or BSGI,
to maintain paper files is eliminated. Correspondence is
delivered through each party’s mailbox so that all
parties are in the loop at all times. |
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Annual
Services / Compliance Tests |
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Anniversary
service data collection is completed electronically. All
compliance test results, with required action are delivered
through the mail box for action and are then maintained
as a permanent record. 5500s and other tax forms and reports
are delivered and maintained in the same fashion |
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Distributions
/ Loans / Hardships |
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All
forms and instructions are available on the website. They
are completed electronically, or printed and completed,
depending on the financial institutions’ capabilities.
Processing status is maintained throughout the transaction.
A permanent record of the transaction is maintained in the
file. |
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Each
partner will have a mailbox to automatically receive copies
of correspondence and status reports. This correspondence
will also be retained in the permanent file. |
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Each
plan will have reserved space for partners’ records
for the case. The plan sponsor can add enrollment records
and employee correspondence so that all plan related information
is maintained electronically. The financial advisor can
maintain all correspondence, investment information, and
decisions related to the plan. Each partner will have all
investment policy information for the plan maintained electronically. |
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