Built in close consultation with retirement service providers, ftwilliam.com’s DTS is a sophisticated tracking software that simplifies the complexity of qualified plan participant distributions. 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 labor-intensive process of manually inputting 1099 data. ftwilliam.com’s intuitive 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.
“We have continued to elevate ftwilliam.com’s capabilities to streamline third-party administrators’ workflow, and sometimes that means thinking outside the box,” said Holly Roussel-Godfrey, Technical Product Manager at ftwilliam.com. “We are proud to announce a new integration with Millennium Trust Company, LLC® utilizing our DTS solution which further simplifies the automatic rollover process for TPAs.”
Additionally, the new ftwilliam.com DTS integration with Millennium Trust, the industry leading provider of specialized retirement and custody solutions, 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 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.
“We have worked with ftwilliam.com for years,” said Terry Dunne, Managing Director of Retirement Services for Millennium Trust. “We are committed to helping TPAs, record keepers, and ERISA attorneys make it as easy as possible for plan sponsors to reconnect their participants with their retirement funds. This integration is a logical next step in our relationship.”
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.
To learn more about the new Distribution Tracking Software (DTS) module on ftwilliam.com, visit: http://product.ftwilliam.com/products/distribution-tracking-software/
ftwilliam.com, a product suite of Wolters Kluwer Legal & Regulatory U.S., offers employee benefit professionals modern and cloud-based plan document (retirement, welfare and non-qualified), government forms (5500, 1099 and 5300), compliance testing and reporting, and distribution tracking software. Easy-to-use, integrated, and world-class customer support make ftwilliam.com the perfect solution for employee benefits professionals. TAG (Technical Answer Group) provides comprehensive answers to retirement plan questions. The TAG service also provides a fully-searchable database of over 4,000 previously asked questions, quick reference tools and charts, and daily news. For more information about ftwilliam.com and TAG, visit www.ftwilliam.com.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized retirement and custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it's the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients' success. Millennium Trust performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust, follow us on Twitter and LinkedIn.
