Regulations introduced by the
Since the regulatory requirement went into effect in 2012, covered service providers are required to comply with the regulatory disclosures on an annual basis and in advance for any new contract or arrangement with a plan sponsor. The regulation also mandates these service providers need to produce updated disclosures within 60 days of any material changes to the plan. In March of 2014, the DOL also proposed an amendment to the 408(b)(2) regulations to provide a "roadmap" guide. These annual disclosures, the required monitoring of plans for changes, updates to the construct of the disclosures and the process of re-disclosure has added much more manual overhead for many firms.
Castle Rock's AXIS Solution allows for clients to customize their 408(b)(2) and 404a-5 templates and manages them systematically. Clients' custom templates can be configured and be ready to use in less than 3 weeks. The solution provides detailed reports and auditing of any changes to plan, templates and a system for all plans. AXIS stores the entire produced disclosures document in the client's digital locker for future reference. All disclosures can be produced online in real time or using the bulk disclosures mechanism for distribution to client portals or 3rd party channels.
"With DOL becoming more aggressive on their audits, we felt that the entire process should be standardized, streamlined and automated. Our clients frequently connect with each other through our client advisory group to share thoughts or best practices. This becomes critical as parts of disclosures become confusing or left for interpretation. We maintain the compliance and all compliance related changes for our clients in one central location and proactively monitor the plans to notify our clients of their required disclosure due date (such as the 60 days rule)" added
About Castle Rock Innovations and AXIS
Castle Rock Innovations has been serving the financial industry for over 20 years by providing clients with technology that improves efficiency and creates value. In anticipation of 401(k) fee disclosure regulations that were introduced in 2012 by the
Read the full story at http://www.prweb.com/releases/2014/06/prweb11972478.htm
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