Vestwell has announced a series of recordkeeping platform enhancements meant to deliver “more efficient, flexible, secure and cost-effective” 401(k) and 403(b) plans.
Vestwell says its improved platform can provider higher quality retirement plans for smaller plan sponsors and employers. Its platform provides the infrastructure to handle a flexible plan design with custom investment management options, delivered to participants in a fully white-labeled construct.
Platform enhancements include that company and employee records are now fully centralized and maintained in-house. Vestwell can also step in as a full 3(16) plan administrator, maintaining employee eligibility, loans and distributions, notices, and compliance testing on behalf of the plan sponsor.
Additionally, as part of a partnership with a third-party custodian, Vestwell has created an infrastructure that simplifies the cash movement and investing capabilities of individuals in and out of a workplace offering. The platform further enables advisers, payroll companies and enterprise partners to focus on their core competencies.