The goal of our sponsor services is to decrease your administrative burden, while increasing your ability to manage the plan as efficiently and effectively as possible. This objective influences everything we do from conversion through ongoing recordkeeping and service.
Conversion—by combining a dedicated team, a proven, timeline-based process and a focus on performance management, we are able to transition your plan in as timely, accurate and seamless a manner as possible.
Recordkeeping—using our Nowtrac(k)® proprietary recordkeeping system, we provide complete and quick daily valuation recordkeeping services, with set service guarantees:
Contributions confirmed within three business days
Participant statements mailed within 15 business days of end of reporting period
Interim statements mailed within two days of request
Sponsor reports mailed within 10 business days of end of reporting period
Full reporting of trust assets within 10 business days after end of reporting period
Call center representatives answer 90% of calls within three rings
Same-day exchanges honored if received by 4:00pm ET
Loan checks mailed within five days (if received by 1:00pm ET
Distribution proceeds mailed within five business days of approved participant request
ADP/ACP testing completed within two ½ months of plan year (assuming data is received within 22 days of plan year end)
Form 5500 mailed 10 calendar days before the filing deadline (if complete data is received 60 calendar days before filing deadline)
Compliance and tax reporting services—We perform the following tests and services:
Annual additions limitations: 415(c)
Annual discrimination testing ADP/ACP: 401(k) and 401(m)
Wachovia Securities is the trade name used by two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, Member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, Member FINRA
/SIPC.
Securities and Insurance Products: Not Insured by FDIC or any Federal Government Agency; May Lose Value; Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate