Account Recordkeeping Services
Our Account Recordkeeping Services allow you to confidently offer Individual Retirement
Accounts (IRAs), Health Savings Accounts (HSAs), and Coverdell Education
Savings Accounts (CESAs), while outsourcing the back office operations to us. It’s like hiring staff without expenses for
training, benefits, or holiday pay. As you experience staff turnover, we will
still be there to ensure no interruption to your IRA operations.
Our Account Recordkeeping Services will assist you in eliminating reporting errors by putting
transactions through dozens of electronic compliance checks to help ensure that
each transaction is properly recorded.
In addition to the required reports we develop for the government, your account owners,
and your organization, we also assist with required minimum distributions and inform
you of rule changes. You will also have easy online access to a variety of
reports to help you analyze and understand your tax-advantaged account base.
You’ll get exactly what you need—when you need it—with no paper waste.
Finally, we offer flexible cutoff dates, so you can choose the best schedule for your
organization.
Powerful Tools
System Security—Confidently
use our SAS 70-certified online system, built on the same security technology
incorporated into our other trusted solutions.
Web Site Links—Electronically
access
compliance and educational information, reducing paper waste and waiting time.
Message Center—Securely
exchange confidential information between your financial organization and our
knowledgeable staff. Easily submit and upload account owner and transaction information for processing.
Online Reports—Quickly
select
from many report options and receive reports securely, eliminating the risk of
your account owner data being compromised.
Account Owner and Beneficiary Information—Instantly
access
account owner information, including account summaries, demographics, required minimum
distribution (RMD) information, and much more.
Account Maintenance—Easily input
account owner and beneficiary information, contribution and earnings
information, and make other changes to existing accounts online.
Administrative Assistance
Annual Reports—View annual
reports online, such as the IRS Forms 1099 and 5498 series, and save copies of each report to your
own system for permanent retention, eliminating the need to find storage space
for paper reports.
Miscellaneous Reports—Review your
accounts with up-to-date and on-demand reports covering demographics, balances,
distributions, federal withholding, and much more.
Additional Services
Dedicated Administrator—A veteran
staff member will be assigned to your account and will be available to answer
questions regarding your specific accounts, submitting data, corrections, use
of the system, reports, etc.
Technical Consulting—You will also have access to our experienced consultants
for answers to regulatory or compliance questions about IRAs (including
Simplified Employee Pension and Savings Incentive Match Plan for Employees),
HSAs, and CESAs.
Compliance Edits—We apply extensive
compliance edits to check for such things as eligibility, contribution limits,
age limitations, and aggregate limits across multiple accounts.
RMD Calculation and Reporting—We help
manage
accounts in RMD status by calculating the RMD and providing monthly reports to
track year-to-date RMD status, and provide account owner notices to help you
satisfy Internal Revenue Service requirements. We also calculate and provide notices for beneficiary RMDs.
Mailing Service—For a small additional fee and applicable postage, we will send the 1099 and 5498 series, Fair Market Value, and RMD reports and statements directly to your account owners and/or their beneficiaries.
If interested in more information on our Account Recordkeeping Service or purchasing, please complete our Request More Information Form.
