While some larger plan providers and consultants in the 403(b) market are pushing nonprofit clients to eliminate options for participants by paring down to a single plan provider, se2 of Topeka, Kansas, says with 403(b)connect, now is the time to keep provider and investment choices and "Automate Before You Consolidate!"
Topeka, KS (PRWEB) May 20, 2009 -- The new fully automated 403(b)connect by se2 is turning the heads of both industry and nonprofit professionals as the best technology solution for all regulatory compliance requirements since the implementation of new IRS regulations for 403(b) plans.
The 403(b)connect platform allows plan providers, third party administrators (TPAs) and plan sponsors a solution which is robust and flexible to meet the different needs in the industry. It provides a view of participant accounts holistically as an entire plan with multiple providers. Through a simple configuration change, the platform adjusts to show a singular view with just one provider's business. The platform also includes all customer service, transaction validation, audits and plan reporting.
Since the January 1 regulations were implemented, four major providers have been licensed with 403(b)connect, which now supports more than 450,000 participants.
While some providers have continued to support the 403(b) market, they have done so with in-house administrative solutions. se2 has a software platform with a focus on an industry-wide solution.
"What makes 403(b)connect different is the fact it is independent and does not require the use of a specific plan provider," says Brent Littleton, Chief Technical Officer at se2. "It's a technology-advanced solution which allows the system to transform itself based on the need of the client. It can accommodate a plan provider struggling with multiple administrative platforms. It can also support TPAs and Plan Administrators needing the ability to look at a single plan across all plan providers."
With the regulatory changes, nonprofit clients such as school districts or hospitals are required to know their plans are compliant for employee participants who own a 403(b). 403(b)connect actually makes compliance simple, quick and inexpensive to implement.
"Each time we show 403(b)connect to an organization, they love it," says Littleton. "With one click, they can quickly see every aspect of a plan and participant. At this point, plan owners and administrators should want to know if their plan providers and TPAs are using 403(b)connect."
se2 has been selected as one of the hottest insurance technology companies in 2009 by Forrester Research Group.
About se² -- se² is a subsidiary of Security Benefit Corporation, one of the most highly-regarded companies in the financial services and retirement planning industry. Leveraging an award-winning technology platform and decades of life and annuity experience, se² provides low-cost, high-quality service administration and distribution support services.
Read the full story at http://www.prweb.com/releases/se2/403bconnect/prweb2437454.htm.
Copyright©2009 Vocus, Inc.
All rights reserved