Products June 9, 2009

TPA Announces Same-Day Deferral Investment Program

CPI Qualified Plan Consultants, Inc., a Great Bend, Kansas-based third-party recordkeeping and administration company, unveiled a program to invest employees' salary deferral contributions the day they are withheld from participants' paycheck.
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The same-day investment program is available to all clients who utilize CPI’s retirement plan administrative services along with payroll services through CPI’s payroll unit, according to a news release.

“Department of Labor regulations require payroll contributions to be invested as soon as administratively feasible,” said Jon Prescott, CPI’s chief marketing officer, in the news release. “We’ve found, however, that many of our clients want their contributions invested much quicker—on payday, in fact.”

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Products June 9, 2009

Diversified Changes Participant Report

Diversified Investment Advisors, Inc. has introduced a new version of its OnTrack report.
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A Diversified news release said the report helps participants better assess their total financial situation and make decisions about saving and investing for their retirement goals.

“It encourages participants to assess where they are in the retirement saving and investing process and identifies specific actions that can help close the gap between where they are today and where they need to be for a fully-funded retirement,” said Patricia Advaney, senior vice president, participant solutions at Diversified.

In addition to the report, the same information is also featured on Diversified Direct Online, Diversified’s participant Web site. Participants can update their outlook by revising or adding new information regarding other income sources and retirement plans, assets and expenses, the company said.

Data from each plan participant’s OnTrack report is now rolled up into a detailed analysis for plan sponsors as part of their Retirement Plan Review (see “Diversified Releases Plan Review Document“).

This aggregated information helps sponsors derive a clearer picture of how their employees are progressing toward their financial retirement goals, and identifies those participants with the greatest need for assistance in meeting their goals, the announcement said.

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