EIFIS Guest

The Client, a major provider of 403(b) and 401(k) services adopted the OMNI recordkeeping system and converted plans from a contract based to a plan based accounting methodology.  

The transactions from these converted plans had to be pulled and mapped across both their legacy platform and the new OMNI platform in order to produce an annual 5500 report for each of the plans.

To produce regulatory year end reporting for plan  level Form 5500 filings in a timely manner. The Client wished to gain trust and acquire more business by proving that the company could provide annual reporting for all types of ERISA reportable plans, in a timely and accurate manner.   In years where conversions across platforms had occurred, provide consulting expertise and consolidated trust accounting and regulatory support.

• Translated old system’s transaction codes to OMNI transaction codes and mapped both codes into ERISA reporting system.
• Reconciled financial data such as beginning market value, contributions, income, transfers, distributions, ending market value, and other miscellaneous items from OMNI transactions and compared these transactions to the existing reporting system’s transactions.
• Produced supporting reports for 5500 purposes.
• Mapped ERISA reporting codes to produce line by line items on different schedules for 5500 (such as schedule H, I A, and D).

The Client achieved the goal of getting the ERISA reportable plans completed before April 30th. This aggressive deadline allowed the company’s clients and auditors plenty of time to review the reports before the DOL deadline of July 31st.

The Client received positive feedback from employers and their participants on making a difference in the customer experience by having accurate reports available ahead of time on the web, to be reviewed and audited.

The success proved that the Client can handle serious regulatory challenges - such as the upcoming changes on the 403(b) market.