Products April 29, 2009

BNY Mellon Announces Form 5500 Reporting Enhancements

BNY Mellon Asset Servicing has announced several enhancements to the online Form 5500 reporting capabilities of its Web portal Workbench.
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According to a press release, BNY Mellon Asset Servicing released a new Form 5500 Schedule R report to assist clients by reporting the beginning-of-year distribution of assets in five categories: stocks, investment-grade debt instruments, high-yield debt instruments, real estate, and other asset classes.

The company said it also improved online customized data access to the following Form 5500 reports:

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  • schedule of investments at plan year end
  • realized gain loss report
  • certain investment arrangement report
  • contributions, expenses, and transfer detail transaction report.

Plan sponsors can now customize downloads of their 5500 information into industry-standard file formats like XLS, CSV and TXT.

BNY Mellon said in June it will add a report designed to help clients prepare Schedule C of Form 5500 by identifying trust payments made to service providers.

More information is available at www.bnymellon.com.

 

 

Products April 29, 2009

Mercer, Hewitt Give Clients Access to IncomeFlex Target

Two platforms, Hewitt Associates and Mercer, have taken up Prudential Retirement's IncomeFlex Target guaranteed income product.
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Prudential announced its deals with both companies: Hewitt will provide multi-channel, fully integrated access to the Prudential offering, as part of its package offered to mid-to-large-sized companies. At Mercer, defined contribution clients will also have access to the product, according to a news release.

IncomeFlex Target consists of target-date or lifecycle funds, or asset-allocation programs with a guaranteed income feature. Prudential said IncomeFlex Target gives participants control over their assets, the potential to capture market growth, and protection from market downturns (see “Prudential Adds IncomeFlex to Target-Date Funds“).

“This arrangement can help American workers avoid the serious risks of market volatility during the years just prior to retirement, while seamlessly creating guaranteed, lifelong income through investments in popular target-date funds or asset-allocation programs,” said Christine Marcks, president, Prudential Retirement, in the release.

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