Networking for Retirement Plan Reporting

Retirement Plan Reporting delivers a centralized and standardized solution for transmitting retirement plan level information among mutual fund industry participants.

About

The evolution of the retirement market into a distinct and specialized industry has caused a shift in regulatory reporting requirements for the advisor community. As a result, the advisor community serving retirement plans may have supervisory, oversight, fee disclosure and other requirements to fulfill.

The market’s surge in group retirement plans combined with these growing regulatory demands has heightened the need for greater transparency delivered in a standardized and automated fashion among various industry participants. To date, this has been accomplished through inefficient custom file extracts and spreadsheets delivered through email, faxes, point to point connections and other risk-prone methods. Wealth Management Services is uniquely positioned to resolve this challenge as a trusted, low-cost and centralized solution for the mutual fund industry.

Retirement Plan Reporting (RPR), through DTCC’s National Securities Clearing Corporation (NSCC) subsidiary, brings efficiency, automation, and security to this data exchange for the retirement industry. It also benefits constituents such as plan sponsors, record keepers, broker/dealer plan advisors and clearing agents. It provides a set of standard formats to accommodate the information flow among business partners, providing more transparency for 5500 Schedule C, 408(b)(2), 404(a)(5) compliance requirements, general supervision and sales reporting needs.

Retirement Plan Reporting allows information such as Plan identifiers, fiduciary, broker/dealer, plan assets, activity and product type to be exchanged between parties for 401(k), 403(b), Money Purchase, Deferred Compensation, Defined Benefit and many other types of retirement plans.

Who Can Use the Service

Existing NSCC members that are registered to use Networking may subscribe to RPR. Financial services organizations that are not existing NSCC members, and who meet NSCC membership requirements, may apply for membership and subscribe to RPR.

Benefits

The retirement industry is complex and multi-faceted with a great need for transparency to meet regulatory and other demands. Retirement Plan Reporting can:

  • Save time and resources by reducing the need for telephone calls, faxes and email communications to obtain plan specific information
  • Provide centralized and standardized files that eliminate the need for time-consuming multiple point-to-point connections between parties
  • Leverage DTCC’s trusted infrastructure, with its existing connections to industry constituents, enabling a low cost solution
  • Establish a more conclusive method of communicating information to provide optimal transparency for 5500 Schedule C, 408(b)(2) and 404(a)(5) compliance requirements

How the Service Works

  • Record Keepers (or their retirement platforms) that are NSCC members may transmit the RPR files directly to NSCC
  • Record Keepers (or their retirement platforms) that are not NSCC members may still benefit from RPR through links to Clearing Firms that are NSCC members
  • NSCC reviews RPR files to verify that all populated data meets record layout requirements. If there are errors or unmet requirements in the data, the files will be sent back to the submitter for correction. Files that meet the requirements will be accepted into the RPR system. These files will then be sent to the contraparty/contraparties

For More Information

Please contact your Relationship Manager or the Account Management Team at (212) 855-8877.

Retirement Plan Reporting is a feature of Networking, a service offering of National Securities Clearing Corporation (NSCC), a wholly-owned DTCC subsidiary. The Service is governed by applicable Rules, Procedures, and Service Guides of NSCC, which contain the full terms, conditions, and limitations applicable to this Service. The Service description herein is for informational purposes only, and NSCC reserves the right to make modifications.

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