Products January 3, 2012

Great-West Enhances Websites for Sponsors, Advisers and TPAs

Great-West Retirement Services enhanced its websites for plan sponsor clients, advisers and third-party administrator (TPA) partners.   
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The enhancements to the plan sponsor site include:

•  More intuitive, tab-based navigation,

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•  Participant search capabilities on every screen,

•  Daily balance summaries updated after each market close,

•  Expand plan provision data,

•  A repository to store fee disclosure and plan documents,

•  The ability to submit bank account information online, and

•  Improved file upload validation.

The new partner site features include:

•  Easier access to the latest commission and fee-for-service payment information,

•  Multiplan access and search capabilities for users with multiple plans, and

•  Consolidated daily balance summaries for the user’s entire block of business, including total assets updated as of the most recent market close.

Both sites also include a new Resource Center—a dedicated area for the information and reference materials that plan sponsors and partners use the most. Demonstration videos outline the new design features and enhancements to help familiarize plan sponsors and partners with the new sites.

“The new sites are more intuitive, easier to navigate, and simpler to use,” said Charlie Nelson, president of Great-West Retirement Services. “They include features that will help our plan sponsor clients and partners complete many day-to-day tasks more efficiently.” 

Compliance January 3, 2012

IRS Updates Procedures for Issuing Advice to Employee Plans

The Internal Revenue Service has issued a number of Revenue Procedures revising procedures for furnishing advice to employee plans. 
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The IRS issues advice to plan sponsors via letter rulings, closing agreements, determination letters, information letters and oral advice. Rev. Proc. 2012–4 provides revised procedures for furnishing this advice on matters related to sections of the Code currently under the jurisdiction of the Office of the Division Commissioner, Tax Exempt and Government Entities.The procedure also contains revised procedures for determination letters issued by the Large Business and International Division, Small Business/Self-Employed Division, Wage and Investment Division, and Tax Exempt and Government Entities Division.  

Rev. Proc. 2012–5 provides revised procedures for furnishing technical advice to area managers and appeals offices by the Office of the Division Commissioner, Tax Exempt and Government Entities, regarding issues in the employee plans area (including actuarial matters) and in the exempt organizations area.   

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Rev. Proc. 2012–6 provides revised procedures for issuing determination letters on the qualified status of employee plans under sections 401(a), 403(a), 409 and 4975 of the Code.  

Rev. Proc. 2012–8 offers up-to-date guidance for complying with the user fee program of the IRS as it pertains to requests for letter rulings, determination letters, etc., on matters under the jurisdiction of the Office of the Division Commissioner, Tax Exempt and Government Entities Division.  

The guidance can be found in Internal Revenue Bulletin (IRB) 2012-1, at http://www.irs.gov/pub/irs-irbs/irb12-01.pdf.  

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