The Client has adopted OMNI recordkeeping system and converted plans from contract base to plan base reporting. The transactions from these converted plans had to be pulled and mapped to the old reporting system to be able to produce 5500 reports.
To produce regulatory year end reporting for Form 5500 filing in a timely manner. The Client wished to gain trust and acquire more businesses by proving that the company can provide annual reporting for all types of ERISA reportable plans, in a timely and accurate manner.
- 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 clients 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.
