Benefit Recordkeeping

Benefit Recordkeeping

The Support Source has extensive experience with all areas of the benefit recordkeeping industry. We have developed both off-the-shelf as well as customized applications to meet the needs of our clients. Our solutions include full-fledged accounting applications, remote client data collection applications, and data conversion applications.

Software Solution - ReSource RK

Our recordkeeping application is based on a historical transaction model for maintaining participant balances. The system allows for an unlimited number of funds, sources (money types), transaction activity types, etc. The accounting includes the ability to allocate investment results back to participants, split contributions based on an election set, process loans and loan payments, restructure fund allocations across accounts, transfer investments between funds, and make participant distributions. Our premiere recordkeeping solution is ReSource RK.

Remote Data Collection (Benefit Data Exchange)

Often recordkeepers have trouble getting their smaller clients to submit data in an acceptable format for their recordkeeping system. Benefit Data Exchange, our remote data collection product is a perfect solution for this situation. The system can be distributed to an unlimited number of clients and the data entry fields are customizable to your recordkeeping system. Clients can enter payroll-related data or load data extracted from a payroll system using our powerful importing engine. Once all payroll data is loaded, a transaction file is created that is customized to the recordkeeping system's transaction layouts. Formatted data entry screens with custom edits and extensive balancing reports allow your clients to take responsibility for the integrity of the data they provide.

Benefit Recordkeeping Data Archive

Our archive application allows historical recordkeeping data to be maintained for future review. It contains extensive reporting features and is a perfect option for your clients to review their own historical data. This application is the perfect tool for maintaining historical recordkeeping data when moving to a new recordkeeping provider who will not include all of your historical data.

Benefit Testing

Our benefit testing solution is a stand-alone application that allows participant recordkeeping data to be loaded and tested for compliance with current legislative and regulatory requirements. The data import engine in the system allows it to be used with data extracted from virtually any recordkeeping system. Tests available include: 410(b), 401(k), 415, 416, ADP/ACP, Coverage, Annual Additions, Top-Heavy, and Form 5500 Counts.

Data Conversion

Data conversion is one of our areas of expertise. We provide the capability to convert spreadsheets, fixed-format, comma-delimited, and even report layout style files into transactions for various recordkeeping systems. We offer project-based conversions from one recordkeeper to another as well as periodic, ongoing conversions. Our premiere data conversion tool is DC Pro. DC Pro is a transaction-based conversion system and is our tool of choice for in-house conversions as well.