Products January 29, 2019

Wolters Kluwer Further Simplifies Retirement Plan Distribution Processing

Users can now push their distribution data that was collected in Wolters Kluwer's Distribution Tracking Software into ftwilliam.com's 1099 software, which automatically populates the data appropriately into 1099 forms.

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Wolters Kluwer Legal & Regulatory U.S. announced that its Distribution Tracking Software (DTS) is now fully integrated with the ftwilliam.com 1099 Software module.

With the launch of the software’s new integration features, users can now push their distribution data that was collected in DTS into the 1099 software, which automatically populates the data appropriately into 1099 forms—eliminating the process of manually inputting 1099 data. ftwilliam.com’s technology can identify the need for a distribution to require multiple 1099 forms, as well as instances when multiple distributions should be combined into a single 1099 form.

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Additionally, the new ftwilliam.com DTS integration with Millennium Trust allows both Millennium Trust and ftwilliam.com to further simplify the manual set-up process of automatic rollovers. With this integration, users can push information collected in DTS to Millennium Trust automatically. This alleviates the need to manually upload participant data in order to set-up an IRA with Millennium Trust. A third-party administrator (TPA) simply selects the participants on the DTS Distribution dashboard and pushes a button. DTS then automatically creates the file and transmits the data to Millennium Trust on the TPA’s behalf. This streamlines the process and minimizes the risk of error.

Additional features of ftwilliam.com’s DTS include:

  • Global and plan level dashboards;
  • Custom notifications and alerts;
  • Real-time updates to keep users and their clients informed on the status of a distribution;
  • At-a-glance distribution summary view, to see everything needed to know about a distribution in one place, with the option to add custom notes or activity;
  • Document exchange, allowing users to send any document via the portal for download and receive signed/completed forms and documents from plan sponsors and participants;
  • Document template manager, allowing professionals to upload their own templates, use ftwilliam.com’s templates, or create their own, instantly create custom custodial directives, force out notices, spousal consents, and more;
  • Clone/Split distributions functionality allowing the user to clone a record and add the additional funds destination when participants request a distribution be split into multiple sources;
  • Default DTS specifications making set-up faster;
  • Batch import distributions for force outs, plan termination and conversion; and
  • Batch print and attach custom documents to distribution records.
More information is at http://product.ftwilliam.com/products/distribution-tracking-software/.
The Markets January 29, 2019

Lockheed Martin Announces Pension Risk Transfer

In December 2018, certain of the corporation's pension plans used pension trust assets to purchase group annuity contracts from insurance companies for $2.6 billion.

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In its fourth quarter and full-year 2018 results, federal contractor Lockheed Martin announced that in December 2018, certain of the corporation’s pension plans used pension trust assets to purchase group annuity contracts from insurance companies for $2.6 billion.

One such contract transferred $1.8 billion of its outstanding defined benefit (DB) plan obligations related to approximately 32,000 U.S. retirees and beneficiaries to Prudential. As a result of this transaction, the insurance company is now required to pay and administer the retirement benefits owed to these retirees and beneficiaries.

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The second transaction requires Athene Holding to reimburse Lockheed’s pension trust fund for all future benefit payments made to approximately 9,000 U.S. retirees and beneficiaries under a group annuity contract purchased for $0.8 billion. Under the terms of this transaction, the plan will continue to pay and administer the retirement benefits to these retirees and beneficiaries but will be reimbursed for all future benefit payments covered by the contract with no net ongoing cash funding obligation to the plan for the covered participants, as the cost of providing benefits is funded by the contract.

The firm said these transactions have no impact on the amount, timing, or form of the monthly retirement benefit payments to the covered retirees and beneficiaries, and they did not impact the corporation’s earnings or cash flows in 2018.

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