The Newport Group Chooses ASC for Compliance Testing
LOS ANGELES, CA - August 19, 2003 -
Actuarial Systems Corporation (ASC) announced today that The Newport Group has selected its Compliance Testing Package as their software to meet the testing needs of the retirement plans they administer.
Newport has more than 500 clients, including Fortune 500 companies, public utilities and major financial institutions. With assets under management in excess of $4 billion, Newport requires a compliance testing system which can efficiently handle the complexity and diversity of their retirement plan cases, including 401(k) and other defined contribution plans.
The ASC system gives Newport the ability to handle the most intricate retirement plan scenarios by providing a sophisticated tool which insures that these pension plan designs are in compliance with all government legislation. In addition to performing all of the IRS mandated tests (minimums, maximums, coverage and non-discrimination) the system will automatically correct for any failure to meet government regulations that may occur. Newport's administrators will no longer have to "go outside the system" to perform these difficult tests making the testing process much less labor intensive and more cost effective.
"The sophistication of ASC's testing enables Newport to design unique retirement plans best suited for each of its clients, without concern for additional expenses or risk of non-compliance with government regulations," explained Alan Gould, President of ASC.
Newport can easily illustrate the complexity of this testing to their plan-sponsor clients via ASC's concise reports. Newport's clients will clearly see all of the tests applied to their retirement plan, and in the case of any failure to meet pension regulations, a corrective solution is provided.
About The Newport Group
Founded in 1984, The Newport Group is a leading retirement services and asset management firm -- specializing in the creative design, funding, and administration of qualified and non-qualified retirement plans. Through its innovative and customized solutions, Newport is uniquely positioned to satisfy the distinct financial needs of employers and employees, and has done so for hundreds of the country's largest and best-known companies. For more information visit www.newportgroup.com.
About Actuarial Systems Corporation
For over 20 years ASC has been a leading software development company offering comprehensive single-platform software solutions to the retirement plan industry. ASC's Compliance System is relied upon by the largest banks, insurance companies and third party administrators in the nation. Additional ASC software solutions include Defined Contribution/401(k), Defined Benefit, DV Direct daily valuation, Single-Step Processing and AIM Case Management. The ASC corporate headquarters is based in California with technical offices around the United States. For more information visit www.asc-net.com.
