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New ftwilliam.com DB(k) Document: An Industry First for Leveraging DB(k) Plans
(RIVERWOODS, ILL., April 11, 2011) – ftwilliam.com, providing third-party administrators (TPAs) and other retirement plan professionals integrated Software as a Service (SaaS) workflow solutions, has launched its all-new DB(k) document. The DB(k) document, which wraps a 401(k) document (the 401(k) Component) and either a cash balance or a defined benefit document (the DB Component) together into one plan, is an industry first, and an important tool for individuals working with those types of documents. ftwilliam.com is offered by Wolters Kluwer Law & Business, the leading provider of information and software solutions for pension, benefits and tax law information and software for professionals.
“The combined DB(k) document is definitely an industry trend right now and after listening to our customers, we’re excited to be the first to offer this unique plan,” said Tim McCutcheon, General Manager of ftwilliam.com. “As DB(k) plan safe harbor compliance becomes more popular with businesses, ftwilliam.com is in position to support customers with the new DB(k) wrap option.”
The new DB(k) “wrap” document is available in the ftwilliam.com retirement plan document package. It meets the compliance needs of corporations, businesses and employers.
Features of DB(k) Plans
DB(k) Plans may be more attractive to businesses than traditional retirement savings plans for a number of reasons. For example, the 401(k) Component is not subject to the 401(k) Actual Deferral Percentage (ADP) test or the 401(m) Actual Contribution Percentage (ACP) test, because the 401(k) Component provides required matching contributions that are somewhat less than the basic matching contributions of a safe harbor 401(k) plan. Furthermore, a DB(k) Plan that complies with the requirements of Code section 414(x) during a Plan Year is not required to provide any Top-Heavy minimum contributions or benefits (under either the 401(k) or DB Component), even though the plan may be Top-Heavy. A DB(k) Plan must provide certain minimum contributions and benefits, but they are generally less than the minimum contributions/benefits required for other varieties of retirement plans.
Compliance underscores the advantage of the new ftwilliam.com DB(k) document plan. Investors have the ability to direct more contributions into a singular, tax-deductible plan while plan providers may enjoy less paperwork by consolidating their reporting requirements.
For More Information
To learn more about the new ftwilliam.com DB(k) document, please click here. You may also contact ftwilliam.com directly at firstname.lastname@example.org.
About ftwilliam.com and Wolters Kluwer Law & Business
ftwilliam.com is a Software as a Service (SaaS) product line providing the highest quality plan documents (retirement, welfare and non-qualified), government forms (5500/PBGC, 1099 and IRS) and now administrative/compliance software. The ftwilliam.com software is web-based and can be accessed by any user with a computer connected to the Internet. All plan documents and forms are delivered instantly to the desktop in word processing or Adobe® PDF format.
ftwilliam.com is part of the Wolters Kluwer Law & Business Retirement & Benefits Compliance Solutions group (www.wolterskluwerlb.com/rbcs). Wolters Kluwer Law & Business is a leading provider of information and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill. Wolters Kluwer is a market-leading global information services company.
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