Products January 5, 2018

O’Neil Digital Solutions Offers Document Management Platform

Mark Rossen, vice president of sales and marketing at O’Neil Digital Solutions, said the company’s goal was to help advisers strengthen relationships with their customers by providing them with “confidential and time-sensitive documents anywhere and in any format they choose.”

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O’Neil Digital Solutions has created a new document management platform, ONEsuite 2.0, for retirement plan advisers to create, manage and deliver documents in any format requested, be it mobile, web, email or print.

Mark Rossen, vice president of sales and marketing at O’Neil Digital Solutions, said the company’s goal was to help advisers strengthen relationships with their customers by providing them with “confidential and time-sensitive documents anywhere and in any format they choose.”

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The platform includes preference management; email and text push notifications; document creation and management; printed documents and document archiving. The company notes that because the platform includes digital options, it has the potential to save on printing and postage costs.

Customers can elect to receive different types of documents via different channels. Once a document is sent, the system sends real-time notifications to customers, via email or text messaging. It also electronically delivers critical compliance and marketing communications documents, including billing statements, compliance letters, welcome kits, ID cards, contracts, confirms, personalized direct mail and other data-driven communications.

The platform also permits advisers to customize documents with variable text and images. All of the documents are archived.

Advisers interested in obtaining more information about ONEsuite 2.0 can do so here.

Compliance January 5, 2018

IRS Changes VCP User Fee Schedule

The total amount of net plan assets determines the applicable user fee now, not the number of participants.

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Effective January 2, 2018, the Internal Revenue Service (IRS) simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP).

The total amount of net plan assets determines the applicable user fee now, not the number of participants. Most alternative or reduced fees that were part of previous revenue procedures no longer apply.

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Effective for VCP submissions mailed to the IRS on or after January 2, 2018, if net plan assets are from $0 to $500,000, the fee is $1,500; if next plan assets are over $500,000 to $10,000,000, the fee is $3,000; and if net plan assets are over $10,000,000, the fee is $3,500.

The IRS explains that in many cases, retirement plan sponsors determine the amount of plan’s net assets from its most recently filed Form 5500-series return. If the plan is not required to file a Form 5500-series return, plan sponsors should see Rev. Proc. 2018-4, Appendix A.09 for additional information. For SEP/SARSEP/SIMPLE IRA plans, the amount of plan assets is the total value of all plan participants’ IRA account balances associated with the plan.

The new fee schedule doesn’t apply to Group VCP submissions, or submissions for orphan or 457(b) plans. More information is at https://www.irs.gov/retirement-plans/voluntary-correction-program-user-fees-changes.

The agency also issued information about how to obtain or re-establish an employer identification number (EIN) for a retirement plan trust. The IRS notes that retirement plan trustees shouldn’t use the plan sponsor’s EIN for the retirement plan trust.

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