Case Study: 5500 Reporting

Enterprise Iron Financial Industry Solutions, Inc.
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BUSINESS PROBLEM

A major provider of 403(b) and 401(k) services adopted the OMNI Recordkeeping system.

They then converted plans from a contract-based to a plan-based accounting methodology.

The transactions had to be pulled and mapped across their legacy platform and the new OMNI platform to produce an annual 5500 Report for each plan.

OUR SOLUTION

Our Team translated the old systems’ transaction codes to OMNI transaction codes and mapped both into the ERISA reporting system.

We reconciled their financial data (beginning market value, contributions, income, transfers, distributions, ending market value and other miscellaneous items) from OMNI transactions and compared them to the existing reporting systems’ transactions.

Next, we produced supporting reports for 5500 purposes and mapped ERISA reporting codes to produce line by line items on different schedules for 5500 (Schedule H, IA and D).

RESULTS & CLIENT BENEFITS

By partnering with Enterprise Iron, the client achieved their aggressive deadline goal.

ERISA reportable plans were completed, which allowed their clients and auditors ample time to review the reports prior to the DOL deadline of July 31st.

The client received positive feedback from employers and their participants given the improved customer experience by having accurate reports available ahead of time on the web to review.

This success proved that the client could handle serious regulatory challenges such as the upcoming changes on 403(b).