Compliance August 24, 2010

SPARK Issues Draft Best Practices for 403(b)s Filing Form 5500

The SPARK Institute has released for public comment draft Best Practices for ERISA-covered 403(b) plans that must file a full Form 5500.
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The “Best Practices for Multiple Vendor 403(b) Plans Form 5500 Data Aggregation – Version: F5500-2.0” are designed to assist plans that use multiple vendors and must gather and aggregate data from their vendors in order to complete the Form. These Best Practices replace “guidelines” for completion of 5500 Forms for the 2009 plan year that were issued by The SPARK Institute in January.  

The Best Practices document is available at http://www.sparkinstitute.org/comments-and-materials.php.  

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Comments are due by September 7th and should be sent to 403b5500@sparkinsititute.org. 

 

Products August 23, 2010

Wolters Kluwer Launches Automated Amendment Software

Wolters Kluwer Law & Business has launched ftwPro Amend as part of its ftwilliam.com portfolio.

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ftwPro Amendis an automated amendment module that allows pension professionals to create customized amendments by selecting specific changes made to the plan document checklist.  

According to a press release, ftwPro Amend provides complete automation of the amendment process and can be used to prepare a plan amendment based on modifications to any plan provision. It will automatically generate a board action (consent action of the directors), a custom summary of material modifications, and an amendment.   

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The system keeps track of all modifications to the document checklist and will permit a user to prepare an amendment based on the last 10 modifications made in a plan document checklist. This allows users to select which of the last 10 changes will be included in the amendment. It is available for any prototype-style document offered by companies, including defined contribution, traditional defined benefit, cash balance, 403(b), ESOP and all of the company’s welfare documents.  

The module is now available to all plan document clients on the ftwilliam.com system at no additional charge.  

For more information, call 1-800-596-0714; e-mail sales@ftwilliam.com; or visit www.ftwilliam.com.  

Wolters Kluwer Law & Business is a provider of information and software solutions in key specialty areas for legal and business professionals. ftwilliam.com is part of Wolters Kluwer Law & Business, and provides plan documents (retirement, welfare and non-qualified), government forms (5500/PBGC, 1099 and IRS), and administrative/compliance software. 

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