According to the announcement, the portal gives participants, plan sponsors and advisers “instant access to Cash Balance accounts which are updated daily,” noting that updates to participant account balances are based on the plan’s Interest Crediting Rate (ICR).
The announcement cited the following portal benefits:
- Simplified online administration for plan sponsors
- 24/7 access to Cash Balance Plan balances and account information
- Instant electronic distribution of plan notices, forms and participant communications
- Streamlined, simple way for participants to update personal information, request withdrawals, change beneficiary designation and other details
- Enhanced experience for plan participants: being able to see their money daily and create on-demand statements
- Three custom designed portals for the participant, plan sponsor, and advisor
The announcement says that Kravitz Consultants will be working with each client on the transition to the new system by year-end.
More information is available at http://www.cashbalancedesign.com/