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. DTCC’S Mutual Fund 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.