Now that we begin the New Year 2025, what better time for a change to revolutionize and improve your fast-changing evolving business. Are you considering switching retirement plan document systems?
Due to ongoing regulatory updates and plan restatements impacting plan documents, we are noticing a growing trend in the retirement plan industry. Plan providers are taking this as an opportunity to explore changing their plan document systems as a solution to improve compliance demands.
Margie Brown, Principal Consultant
Setting the framework to change software or methods used to create plan documents can sometimes seem like an arduous endeavor. However, the need to meet regulatory requirements, reduce costs, improve efficiency, and desire for improved service support are big motivators for this decision.
Below are some key tips to consider when in the market for a new plan document system provider:
• Ensure Compatibility: Verify that the new system supports all your document types (e.g., pre-approved defined contribution plans/ESOP/403(b)/457(b)/defined benefit).
• Communication Capabilities: Check for the ability to produce participant communication and notices like SPD, safe harbor notices, and annual communications, with batch generation where applicable.
• Regulatory Update: Confirm the system will provide you with regulatory document updates and amendments.
• Error Checks: Look for data entry safety measures to avoid costly mistakes.
• E-Signature Support: Ensure the system allows for electronic signatures and delivery for cost-effective operations.
• Ease of Transition: To lessen disruption, verify that the new system is user-friendly enough for staff to ease into a seamless transition.
• Support and Training: Assess the level of customer support and availably of training resources.
• Client Benefits: Consider whether the new systems improves service delivery for your clients.
• Additional Features: If needed, explore if the same system will support nondiscrimination compliance testing and annual 5500 reporting support.
• Pricing Transparency: Discuss the cost structure to ensure alignment with your budget.
There are several firms in the industry to choose from that support plan document creation. So before making a final decision, pick a few, set up a time for them to show you a demonstration of how the system operates and get to know the firm. Take this opportunity to ask questions and explore what system will best benefit your firm and clients.
Transitioning with Enterprise Iron
If you’re ready to upgrade your document creation system, Enterprise Iron is here to help. Whether you’re developing a proprietary system or partnering with a service provider, we ensure a smooth transition through collaboration and expert guidance.
Streamline Compliance Today!
Our tailored solutions integrate seamlessly with your team to bridge knowledge gaps, enhance efficiency, and reduce costs. Email us at compliance@enterpriseiron.com to chat with one of our Compliance Experts and browse our Case Studies to learn more about our measurable impact that can prepare your firm for success in 2025 and beyond!