Navigating the complexities of SECURE 2.0 can be overwhelming for retirement plan administrators, especially given the IRS has yet to release final guidance. And while there is no shortage of information available – webinars, conference sessions, and articles – what's missing is direction on tangible steps that can be taken now to prepare for the final amendment. Plan administrators are left with questions on how to effectively manage this burdensome task.
How do I track plan selections?
There's no question that tracking selected plan provisions is administratively burdensome. Finding an easy way to track and share information is imperative to help speed up the process. And that's just what the ftwilliam.com SECURE 2.0 Operation Checklists were designed to do. These checklists serve as a valuable tool to manage and reduce the administrative burden of tracking selected plan provisions, offering a streamlined preparation process, increased efficiency, and a reduction in data entry errors.
And when the SECURE 2.0 Amendment is released, the checklist selections can be seamlessly flowed into it, ensuring compliance and saving time.
How do I keep customers informed?
Communication with clients is crucial for SECURE 2.0 plan elections, not only to inform them of plan selections but to solicit their feedback. ftwilliam.com makes communication easy with their Plan Design Summary and secure plan sponsor portal, ftwPortal Pro.
- Administrators can create a Plan Design Summary template that incorporates the SECURE 2.0 checklist questions and share it with clients via the portal.
- Clients can provide feedback and make edits if allowed.
- The information gathered through this process seamlessly flows back into the Document checklist, increasing efficiency and reducing errors.
Where can I find help?
Support is crucial when dealing with complex matters like SECURE 2.0. ftwilliam.com is there to provide the software solutions and information needed, when it's needed. The US-based, credentialed staff is available to help provide answers to questions that may pop up along the way. And if additional guidance is needed, the Technical Answer Group provides access to industry-leading ERISA and retirement plan experts.
While there are still many unanswered questions about SECURE 2.0, ftwilliam.com offers tangible solutions to help retirement plan administrators navigate SECURE 2.0 now while helping to plan for the final amendment when it's released. From the newly developed SECURE 2.0 Operation Checklists that allow for tracking provisions to products that facilitate sharing and collecting feedback to expert-driven FAQs, ftwilliam.com provides the guidance and support needed to save time, improve efficiency, mitigate risk, and successfully navigate SECURE 2.0.
