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Over 50% of all 401(k) participant accounts are run on ASC software. Additionally, over 100,000 other types of defined contribution plans are administered using ASC DC/401(k) System.
Defined Contribution/401(k) Valuation System
Overview
ASC’s DC/401(k) System allows users to easily process plans from the simplest profit sharing to the most complex 401(k).
The system includes:
- comprehensive administration
- recordkeeping
- industry-leading compliance testing
Plans include:
- 401(k)
- new comparability/cross-tested
- profit sharing
- money purchase pension
- super integrated
- target benefit
- ESOP
- KSOP
- combination plans
The system handles:
- traditional balance forward
- transaction based
- daily valuation plans, allowing users to easily process plans from the simplest profit sharing to the most complex 401(k)
DC/401(k) Administration
The ASC DC/401(k) administration system is continually updated for all legislative changes. It offers flexible eligibility calculations, an easy data import wizard and comprehensive data checks. It provides for multiple funds and sources, using dollar or share accounting. The ASC full Compliance Testing System is also included. Reports can be generated using the standard reports included with the ASC System, or can be customized using the ASC Report-Writer.
Features:
- Handles all 401(k), Profit Sharing, Money Purchase and Target Plans
- Fully updated for all legislative changes
- Full 401(a)(4) Testing / Design Module
- DB/DB combo reporting
- Extensive 401(a)(4) group definitions
- Multiple Funds and Sources
- Built in budget solving routines for new comparability, super integrated, age-weighted and sole proprietor/partnership plans
- Calculates various employer contributions for 401(k) and other defined contribution plans
- Performs extensive employee data validation in one step including ability for custom data validation formulas
- Ability to handle recordkeeping and compliance for multiple plans and separate groups within single plans
- Accounting can be performed in shares or dollars on a fund by fund basis
- Flexible earnings allocations with various time weighted options
- Comprehensive Compliance Testing included
- Single-Step Processing automation tool available: administrative functions can be automated and scheduled to run on multiple plans.
DV Direct: ASC's in-house daily recordkeeping option
Many firms desire the flexibility to work with all types of plans and advisors. As a result, many ASC clients strategically utilize ASC in three different ways: traditional balance forward recordkeeping, outsourced daily recordkeeping, and also in-house daily valuation via DV Direct. For more information about DV Direct click here.
Outsourcing Recordkeeping Option
ASC continues to build strong alliances and links with top insurance companies in order to facilitate pension administration firms working with outside recordkeeping companies. These financial imports, combined with employer provided census data, enable the ASC administrator to perform the following tasks:
- Combine with outside assets or employer stock and produce a combined employee statement
- Adjust from cash basis to accrual basis and produce an annual recap
- Audit the deferrals and match by comparing contributed amounts and calculated amounts
- Provide accurate earnings on refunds from failed compliance tests
ASC's Outsource Provider Links
| FASCore | Mass Financial Services |
| Generic Link | Mass Mutual |
| Great West LifeAmerican Funds | Nationwide |
| Guardian Life | Pan-American Life |
| Hartford Life | Principal |
| ING | Prudential |
| John Hancock | Transamerica |
| Kemper |
Traditional Balance Forward Recordkeeping
In ASC’s traditional balance forward recordkeeping system plan assets can be valued on an annual, semi-annual, quarterly, or monthly basis; tracking monies in a single pooled fund, or in multiple funds. Earnings allocation methods, including prior balance and time weighted, can be applied separately to certain funds or groups of participants, either in shares or dollars.
Compliance Testing System
ASC is unquestionably the pension industry's leader in compliance testing - with approximately half of the 401(k) accounts in the Unites States tested on the ASC system. It is in use by the majority of the largest investment firms, mutual fund families and insurance companies in the nation.
The Compliance Testing System, developed in conjunction with our customers' needs, handles the most complicated plan scenarios and provides a complete illustration and solution.
For more information about the Compliance Testing System click here.
Gemini Web Access
Gemini enables you to offer participant and plan sponsor internet access with the same power and sophistication as the largest insurance and investment firms without incurring sizeable expenses, losing control of your data, or needing to maintain complicated hardware. You can also offer separate access to brokers or advisors.
For more information about Gemini Web Access click here.
