ASC Newsletter
In this issue #24-02
Enroll With ASC’s Cycle 4 Defined Contribution Plans!
Cycle 4 Pre-Approved Defined Benefit Enrollment is OPEN! Enroll with ASC and discover the excellence of ASC’s plan documents. All plan documents are drafted and supported by our team of ERISA experts led by industry veteran John Griffin, J.D, LL.M. For a complete description of ASCi’s Cycle 4 defined contribution plan documents, visit our website at Cycle 4 Defined Contribution Enrollment.
The IRS has officially set January 31, 2025, as the deadline for submitting opinion letter applications for pre-approved defined contribution plans for the upcoming six-year remedial amendment cycle (Cycle 4). The ASC Institute (ASCi), as a mass submitter, will submit a selection of Cycle 4 defined contribution plan documents to the IRS for approval by the January 31, 2025 deadline. If you wish to enroll with the ASCi document, your enrollment materials must be received by ASCi no later than January 6, 2025 to ensure timely submission to the IRS.
The ASCi Cycle 4 defined contribution plan documents will be available exclusively via our Document Generation and Management (DGEM) System. DGEM can help you manage your plan documents and meet the restatement deadline with the following tools and features:
- Batch Restatement Wizards
- Comprehensive Data Validation
- One-Click Document Package Creation – including SPD, Board Resolution, and Plan Summary
- E-signature Functionality
- Integration with ASC’s suite of solutions
Enroll Here and Begin Your Restatement Process Today!
Contact sales@asc-net.com or call (800) 950-2082 for more information. We look forward to showing you the industry’s highest quality plan documents and super-efficient document generation and management system.
Catching the AI Wave: ASC’s B2B AI Summit Takeaways
Artificial intelligence is emerging as a pivotal force shaping the future of business. At ASC, we consistently integrate cutting-edge technologies into our products, ensuring our clients have access to the most advanced solutions. In line with this commitment, we dispatched our marketing consultants to the AI B2B Marketers Summit in July to gain valuable marketing techniques using AI. This brief overview highlights key takeaways from the event, demonstrating our proactive approach to leveraging state-of-the-art technologies for the benefit of our clients.
Keynote speaker Paul Roetzer, founder and CEO of Marketing AI Institute, highlighted how AI can enhance customer personalization, unlock novel creative avenues, and drive significant improvements in efficiency and revenue generation. He provided valuable insights into the evolving landscape of B2B marketing and emphasized the importance of integrating AI to remain competitive and meet the demands of modern clients.
Other speakers at the summit included B2B leaders from a variety of industries. They addressed the many benefits of AI adoption for B2B companies, including:
Increased efficiency and productivity: AI can automate many tasks such as content creation, data analysis, and customer engagement.
Improved customer experience: AI can be used to provide targeted content and offer proactive customer support.
Better decision-making: AI can analyze large datasets to identify trends and patterns that could be difficult for humans to spot.
Enhanced creativity: AI can help marketers brainstorm new ideas for content, campaigns, and products.
However, companies should be mindful of the challenges associated with AI adoption, such as a shortage of AI skilled employees, the complexity of integrating AI into existing systems, and potential concerns related to data security and privacy.
AI Integration
How can companies integrate AI into their workflow? They can take a multi-pronged approach that includes understanding the potential impact of AI, developing an AI strategy, and investing in AI training and technology.
Understanding the potential impact of AI
AI is rapidly transforming the B2B landscape. It is estimated that within the next two years, a significant portion (80%) of the tasks performed by knowledge workers will be aided by AI to some extent.
Developing an AI strategy
Many companies currently operate without a defined AI roadmap. It is crucial to establish a clear strategy for integrating AI into existing workflows. Companies should start by identifying areas where AI can have the biggest impact and outline the specific AI tools and technologies that will be used. Companies should also think about how they can use AI to personalize their sales pitch since as many as 25 decision makers are typically involved in a B2B technology purchase.
Investing in AI training and technology
Companies must invest in the necessary training and technology to implement their AI strategy. Companies should prioritize identifying AI tools that align with their specific needs and efficiency goals. It is recommended to start with one AI tool that employees can master before subscribing to numerous tools that may not be fully utilized. When selecting AI companies for partnerships, prioritize those demonstrating growth through collaborations with other companies. Existing software solutions like Salesforce, Adobe, and Microsoft are already incorporating AI into their platforms. Exploring these integrations can offer valuable starting points for leveraging AI.
The panelists at the summit emphasized that they do not see AI as a job eliminator, but rather a tool that will enhance employees’ capabilities. Companies that embrace AI and adapt their strategies accordingly will be well-positioned to succeed in the years to come.
At ASC, we are carefully exploring and incorporating AI into our business practices in a responsible and strategic manner. We’re enthusiastic about using this technology to enhance our services and software products to serve you better. Our goal is to leverage AI in delivering more innovative and efficient solutions to meet your evolving needs.
Intelligent Automation: Modernize The Way You Do Business
Increase accuracy and efficiency by automating administrative processes. In today’s fast-paced world, technology is evolving rapidly and ASC is leading the way. Delegate your repetitive tasks to ASC’s Intelligent Automation Tools. Free up your team to focus on your core business by automating Compliance Testing, Employee Census Collection, Data Exchange, and more.
Single Step Processing (SSP)
SSP relieves you of mindless repetitive tasks and the risk of ‘human error’ so you can focus on the core of your business. With minimal setup, administrators can run a series of compliance tests or other administrative functions on one plan or multiple plans without user interaction, at lightning-fast speed.
SSP can increase automation of your compliance testing, data importing, performing employee data checks, running calculations, generating valuation reports and benefit statements, creating data extracts and more.
ASC developed SSP with intelligent logic, based on our decades of retirement plan industry experience. SSP utilizes ASC’s sophisticated proprietary programming language. Plus, you can schedule SSP to run during the nights, weekends and non-business hours.
DGEM API
Are you an ASC Plan Document or 5500 client? Exchange and update your retirement plan information with ASC’s DGEM API.
This API allows for batch export of client and plan data, including plan document provisions, export of 5500 & schedule data, ability to create plan documents, and much more. This functionality eliminates manual efforts and errors, facilitating efficient, automated exchange of data, saving you valuable time and resources. The DGEM API can also be customized to accommodate your needs.
Plan Sponsor Connect (PS Connect)
Simplify your data collection with Plan Sponsor Connect (PS Connect), ASC’s innovative data collection solution for TPAs and Plan Sponsors! This modern, fully hosted web portal provides a streamlined process for exchanging data securely, via an easy-to-use interface.
Increase your efficiency with customizable online questionnaires, census submissions with data validation, and real-time dashboards for status tracking. Plus, secure file-sharing capabilities and seamless integration allow you to track progress, send updates, and provide important plan-related documents reliably without the potential for manual data entry mistakes.
Learn more about Plan Sponsor Connect
For a personalized demo or consultation, reach out to our sales team at sales@asc-net.com or call us at 800-950-2082.
