ERISA 5500 Compliance Requirements Improved For Retirement Service Plans
A Large financial services institution and provider of retirement record-keeping services, after converting some plans from contract base to plan base reporting, needed to adhere to ERISA compliance requirements. The transactions from these converted plans had to be pulled and mapped to the old reporting system to be able to produce 5500 reports. Enterprise Iron’s Retirement Services Industry Consulting services provided an assessment of their conversion from contract base to plan base reporting, providing opportunities on where to change their operational procedures and customize their retirement services tools for improved compliance in their plan base reporting.
EI’s Business Intelligence services provided an assessment of their reporting capability focusing on their plan base reports, and identifying and mapping the sources for the information that was required to improve ERISA and 5500 compliance. As a result of working with EI, the client was able to implement robust risk controls and improve their ERISA and 5500 compliance in the plan base reporting of their plans after migration. This was critical for stabilizing compliance risk after the migration.