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5500 reporting new 5500 reporting new Presentation Transcript

  • Form 5500 Support Services
  • Form 5500 Support
    High Level Needs
    Form 5500 preparation has become more complex and plan sponsors must rely on 5500 data for fiduciary oversight regarding fees and expenses. Because of this, service providers must ramp up in the following ways:
    Develop functionality to incorporate input from multiple sources
    Ensure data quality and maintenance
    Identify all data sources, understand the implications of the information disclosed to participants and validate the quality and reasonableness of this information
    Determine client requirements and service support needs
    Educate clients so they are prepared to comply with changes and fulfill their responsibilities.
    These new dynamics place new demands and costs on service providers who are already pressed to achieve and maintain profitability and customer loyalty.
    Enterprise Iron has the expertise, resources, experience and processes to help you:
    Meet your legal obligations
    Choose from outsourcing solutions, process improvement solutions, or supplemental staffing solutions
    Work with and communicate with your clients to maintain their cooperation and retain their loyalty
    Ensure that you have access to the most effective, automated, process in place to minimize on-going costs, and maintain, report on, and retrieve data in a high quality systematic manner
    Supplement your staff with Enterprise Iron experts to assist in completing immediate deliverables and leverage this experience during long-term improvement efforts.
    High Level Benefits
  • Service Options
    Enterprise Iron brings its expertise with multiple recordkeepers in assisting and managing 5500 activities to our suite of services.
    Outsourcing Services
    Supplementary Staff
    Process Improvement Engagements
    Enterprise Iron offers a full range of outsourcing solutions that range from:
    • Full-service total outsourcing
    • Operational outsourcing
    • Full array of specific processes and services that can be purchased a la carte.
    You can utilize Enterprise Iron’s expert staff on-site to assist you with:
    • Manual processing
    • Data clean-up
    • Platform installations and upgrades
    • Data warehouse development or integration
    Enterprise Iron’s consulting experts can help you improve internal processes and controls to better manage quality and costs:
    • Business process improvement
    • Technology platform improvements
    • Data management enhancements and integration
  • Outsourcing Services
    Enterprise Iron offers three types of outsourcing designed to fit your unique needs
  • Full Service Outsourcing Services
    Our full-service outsourcing solutions offer you freedom from worry about on-going regulatory reporting requirements, offer you and your clients an expertly prepared and validated set of regulatory reports and audit support, and offer electronic filing and archival of all documents for future reference.
    • Manage customer data requests
    • Design and manage customer and internal training
    • Design, manage, and distribute all customer outputs
    • Manage customer and auditor call center support
    • Manage customer website content and archival processes
    Communications Support
    • Beginning balances
    • Last year’s certified statements and 5500 reports
    • Current year transactions and account history
    • Client demographic data
    • Separately held assets
    • Pre-conversion data
    • Validate data between history and certified financial statements
    • Provide correcting entries to either history or financial statements
    • Produce all 5500 schedules and audit package
    • File 5500 via eFAST2
    • Create archival records
    • Post reports and schedules to client website
    Data Gathering
    Data Validation and Reporting
  • Operational Outsourcing Services
    Our operational outsourcing solutions offer you the opportunity to outsource cumbersome back-office processes and platforms while maintaining customer contact points internally.
    • Beginning balances
    • Last year’s certified statements and 5500 reports
    • Current year transactions and account history
    • Client demographic data
    • Separately held assets
    • Pre-conversion data
    • Validate data between history and certified financial statements
    • Provide correcting entries to either history or financial statements
    • Produce all 5500 schedules and audit package
    • File 5500 via eFAST2
    • Create archival records
    • Post reports and schedules to client website
    Data Gathering
    Data Validation and Reporting
  • A la Carte Outsourcing
    Any of our outsourcing services can be purchased on an a la carte basis should you need specialized processing for certain components of your regulatory compliance reporting activity.
    And, any of our solutions can be private labeled and customized to your unique needs and situation.
    Examples of our a la carte services:
    • Collection of Prior Year’s data
    • Collection of client data from plan sponsors
    • Data validation and corrections
    • Preparation of Reports and Schedules
    • Creation of Audit packages or Support for Auditors
    • Creation of Client Communications Materials
    • Creation and execution of training programs
  • Our Outsourcing Process
    Our outsourcing services can be performed in different ways depending on your unique needs.
    Our systems or Yours
    Our site
    or Yours
    If you choose to utilize our Enterprise Iron site, we have developed our offices in Iselin, NJ as our first processing center.
    • Iselin, NJ
    • 24 hour manned security
    • Access Control with card readers
    • CCTV & Internet TV
    • Video conferencing facilities
    • Currently occupying 200 seats across 15,000 sq. ft.
    • Networked for Data and Voice
    • Restricted access to server room
    • Server Monitors are kept in a separate area from the physical server
    • Training on privacy and security norms
    • Use encryption for transmission
    • Background checks performed on all personnel
    • Authorized Personnel (Employees) have signed strict confidentiality agreements
    • Every sub-contractor, when engaged, are bound by all the above guidelines
    • High performance Network and Communication facilities with built-in redundancies
    • High availability of Internet connectivity is provided through multiple ISPs and redundant last mile connectivity through Verizon cables and Radio connectivity
    • T1 links from Iselin office to Client office
    • Client’s facilities can also be connected using VPN Tunnel
    • Communication equipment configured with multiple power supply, CPU and network interfaces
    Routers – CiscoRouters
    • Firewall - High performance firewalls configured in Active / Active High Availability Mode
    • Switches – High Performance layer 3 switches with built in redundancy
    • Cabling – Optic fiber backbone and Structured Cabling
    • All voice equipment is provided with multiple CPUs and powersupplies
    • Dell Multiple CPUs, RAID-5, power supplies, multiple NICs
    • Oracle and SQL Server
    Desktops - HPs
  • Our Outsourcing Tools and Techniques
    Enterprise Iron has developed a series of proprietary tools and techniques to make our outsourcing and client support services both efficient and flexible so that we can customize solutions for you.
    Data Tools
    Data Exchange Methodologies
    • Receipt of data from your internal systems
    • Receipt of data from external sources including clients, trustees, and investment managers
    • Proprietary customized data validation routines
    • Flexible correcting transactions and entries
    • Electronic filing of 5500 reports via EFAST2
    Data Storage and Retrieval
    • Proprietary data warehouse and data mart
    • Proprietary archival and retrieval tools
    • Complete workflow and imaging platform
    • Client web access to reports and audit support documents
    Client Support Tools
    Client Data Collection
    • Full support of client data collection and quality review
    Client Training and Support
    • Complete web and collateral based client training tools, along with a full service call center and client web site
    Auditor Support
    • Specialized reporting and query tools for auditors
    Client Communications
    • Full suite of client communications tools for data gathering, status reporting, filing notifications, and archive retrieval as well as downloads to provider’s web sites and report archives
  • Supplemental Staffing
    Enterprise Iron has a long history of offering expert staff to supplement your internal resources. We have a successful track record of support in all areas of compliance, including 5500 support. Some examples of our areas of expertise include:
    Auditors and Quality Assurance Staff
    Data Validation and Correction Experts
    Annual Reporting Experts
    Client and Auditor Call Support
    Client Communications Specialists and Trainers
    5500 Reporting and Schedules Experts
  • Process Improvement Services Overview
    Short Term Objectives
    Long Term Objectives
    • Formulate a series of recommended end-state solutions, designed to efficiently meet annual 5500 reporting in the most cost –effective manner
    • Review 5500 reporting and data needs relative to needs for other functions such as certified annual reports and annual compliance testing
    • Recommend integration and leverage points that can be used to improve quality, eliminate duplicative data sources, and more efficiently integrate technology solutions across typical “ancillary” platforms
    • Review and recommend platform upgrades and changes
    • Design and implement platform and process improvement changes
    • Review client engagement and communications programs for opportunities to mitigate risks and increase loyalty
    • If necessary, design enhancements to communications programs, client training programs, and client support materials
    • Review and assess training and communications programs for front line staff handling client data, client reporting, and client compliance and audit support
    • Recommend improvements in line with business needs and industry best-practices
    • Identify intersection and integration points with key client channels such as the plan sponsor web-site to maximize client efficiency
    • Assess business risks associated with current 5500 production processes, data sourcing, and workflows and recommend short term and long term mitigants
    • Document current 5500 production practices and work flows to facilitate future automation, and create an institutional body of knowledge
    • Recommend and design improvements that can be implemented to increase accuracy and efficiency in meeting 5500 reporting obligations over the next 18 months
    Meet Obligations
    Manage Client Relationships
    Manage Costs and Quality
  • Form 5500 Services Approach
    Our approach consists of three distinct phases that build upon each other to achieve an end-state designed to meet your business objectives, both short and long term.
    Analysis and Design
    Build-out and Implementation
    Our 3 phase process improvement approach can be enhanced by utilizing Enterprise Iron expert resources to assist with completing any current backlogs associated with 5500 preparation and production during implementation.
  • Assessment Phase
    Areas of Review
    • Client communications and reporting
    • Compliance and legal policies, platforms, and procedures
    • Operations and services practices
    • Fees and commission calculations, reports, and disclosures
    • Technology and architecture
    • System and web interfaces
    • Self-directed brokerage
    • Special asset handling
    • Fund trading and accounting
    • Audit and control quality reviews
    • 5500 preparation process
    • Data sourcing, controls, validation and storage
    • Data integrity
    • Financial aggregation for 5500 purposes
    • Integration with annual plan reporting
    • Data adjustment and financial re-classification
    • System and web interfaces
    • Workflow practices
    Typical Timeline
    • Documented initial evaluation
    • Risk/benefits identification
    • Options/alternative solutions overview
    • Impact overview
    • Recommendations
    • Analysis and design phase plan
    • Week 1 – Arrange project events and schedule interviews
    • Week 2 - 4 - Conduct interviews, review existing documentation and any initiatives in motion
    • Week 5 – 7 – Formulate deliverables and socialize concepts
    • Week 8 – Present final deliverables
  • Analysis and Design Phase
    Analysis and Design Objectives
    Key Impact Areas
    • Design operational workflow diagram of future state processing
    • Design client education framework
    • Define all data sources
    • Create business requirements document
    • Define business controls and validations
    • Define reporting requirements
    • Create functional design document
    • Refine cost and resource estimates
    • Prepare project timeline for Build-Out / Implementation phase
    • 5500 Preparation
    • Annual Reporting Preparation
    • Non-discrimination testing
    • Workflow processes
    • Client communications
    • Client training
    • Internal training for client
    facing roles
    • Data sources
    • System interfaces
    • Recordkeeping system
    • Trust accounting system
    • Workflow tools
    • Structure
    • Roles and responsibilities
    • Standard operating procedures
    • Training
    • Headcount
    Typical Timeline
    • Detailed current and future state operational processes and workflows
    • Business requirements document (including controls, validations and reporting specifications)
    • Functional design document
    • Implementation project plan
    • Cost and resource estimates
    • Build vs. buy analysis
    • Business case justification
    • 6-10 weeks depending on complexity of requirements definition
  • Build-out and Implementation Phase
    Process and Platform
    Communications Programs
    • Develop technical design document
    • Create and deploy platform and solution for 5500 generation
    • Design and perform testing effort
    • Perform data validation and production verification
    • Re-design of 5500 generation team processes
    • Re-design of workflow between teams
    • Re-design of quality control practices
    • Develop suite of Standard Operating Procedures (role based)
    • Design and deliver training program
    • Plan sponsor’s employee communications guide
    • Communications checklist
    • Disclosure documents list
    • Required forms list
    • Audit Guide for 5500 calculations and back up reports
    • Training guides for internal client-facing staff
    Build Deliverables
    Buy Deliverables
    • Technical design document *
    • Data Mart/Data Warehouse solution
    • Data interfaces
    • Test plans, test cases and test results
    • Production verification plans and results
    • Knowledge transfer program (SOPs, training program, transition effort)
    • Validation of business justification
    • Request for Proposal
    • Vendor evaluations with EI proprietary Comparator Tool
    • Product evaluations with EI proprietary Comparator Tool
    • Assistance during contract negotiations
    • Solutions review against industry standards and best practices
    • Business practice integration
  • EI Tools and Techniques
    Interview Questionnaires / Interview Guide
    Work Flow Analysis Guide
    Alternatives Framework Template
    Risk Analysis Template
    System Architecture Designs
    Standard Data Mapping
    Analysis and Design
    Business Requirements
    Integration Scheme
    Standard Business Controls and Validations
    Data Schemas and File Layout Templates
    Implementation Project Plans & Budgets
    Functional Design Document
    Build-out and Implementation
    Use Case Templates
    Program Templates
    Sample Test Cases
    Standard training program outline
    Build vs Buy Review
    Vendor Product Evaluations
    Technical Design Document *
    Standard Datamart Design
  • Form 5500 Process Improvement Engagement Team
    Build-out and Implementation
    Analysis and Design
    • Project manager
    • Regulatory & compliance SME
    • Systems architect
    • Technical lead/programmer
    • Lead business analyst
    • Project manager
    • Regulatory & compliance SMEs
    • Systems architect
    • Database designer
    • Business requirements analysts
    • Business intelligence analyst
    • Specific software SMEs
    • Vendor/contract management analyst
    • Project manager
    • Systems architect
    • Tech lead/programmers
    • Testing lead and team
    • DBA
    • Business integration analysts
    • Vendor/contract management analyst
    ** The number of consultants assigned will be based on the number of plans, type of plans, plans’ complexity, and asset mix
  • Flexibility and Expertise
    Our three service solutions offer you the flexibility you need with the expertise and efficiency you demand.
    Sized to your requirements
    Outsourcing Services
    Supplementary Staff
    Process Improvement Engagements
    • No organization can beat Enterprise Iron inour expertise in the retirement services industry, our familiarity with all of the common platforms and solutions utilized, and our level of commitment to providing quality compliance and regulatory support.
    • Equally critical to success is the way we interface with your team to plan and execute the strategy you choose.
  • Integrating with Your Team
    Setting up your team with confidence that their talents will be valued during and after the new solutions are implemented can create a high performance work environment that provides the best chance of success.
    Critical integration activities include:
    Establish a project methodology that explains project purpose, structure, goals, activities and success measures.
    Pair EI resources with your existing teams to leverage diverse skill sets and facilitate knowledge transfer.
    Identify new team incentives and measures to be implemented
    Identify impact of EI alternatives on other business and technology initiatives
    Identify deployment opportunities for existing talent into newly defined roles
    Incorporating your corporate lexicon and current job roles into EI recommendations
  • Achieving Success
    • Rest easier that you will be able to meet your client and regulatory obligations.
    • Set the foundation for better on-going compliance cost structures.
    • Maximize your flexibility to handle future changes.
    In addition to regulatory and compliance benefits, implementing a complete Enterprise Iron solution will enable you to:
    Increase the odds of success in meeting your contractual obligations
    Maximize the value of any initiatives currently in motion
    Ensure team alignment as to solutions being proposed and implemented
    Execute in such a way as to maximize the opportunity to increase client support and loyalty
    Manage the cost of regulatory compliance within an overall target cost and profitability framework
    Build and store data in such a way as to enable future enhancements that leverage a customized data warehouse
  • Contact Enterprise Iron
    For more information see our website:
    Contact Information:
    485C Route 1 South
    Suite 350
    Iselin, New Jersey 08830
    Email: info@eifis.com
    Phone: +1.888.242.4682