529 Plan Administration System
All modern savings and investment programs must be backed by solid, impenetrable technology to satisfy the needs of participants, fund administrators and auditors and, of course, keep track of portfolios accurately and efficiently. ThoughtSpan's 529 College Savings Administration System is fully IRS compliant and can be easily configured to make certain every i is dotted and each t is crossed.
Program participants get a web-based portal for secure access to account information, documents and maintenance. The web application presents information in a thorough but easily digestible way so that participants can track their investments and savings without feeling overwhelmed by data. Click here for more information.
All levels of support – fund managers, call centers, executive management – can access and maintain account, investment and program information through the system's flexible back office applications. The platform supports practically any investment option (market funds, mutual funds, guaranteed principle, age-based, blended) from single or multiple fund managers. Automated custodian and fund manager integration is included as well.
Auditors will appreciate the automatic maintenance logs. Any and all account updates, whether from back office processes or the participant web portal, is documented and stored as a permanent part of the account record. Any of these history log items can also be configured as email or hard-copy notifications to the participant. For more information on back-office capabilities, click here.
Benefits of the 529 System's Web Portal
Participants using the web portal get:
- Access data securely, simply, efficiently.
- Enroll online quickly and easily.
- Gain consolidated access to all accounts that they own.
- View current options and balances.
- Access all account transactions.
- Set up and maintain ACH, EFT and PRD contributions.
- Access and print important account documents, such as statements, notifications and tax documents.
- Maintain contribution option allocation.
- Request annual option reallocations.
- Request withdrawals.
- View and maintain account setup data, e.g., information on the participant, beneficiary, successor, or third-party statement recipient.
Benefits of Back Office Functions
Back office applications offer support in areas such as:
- Full account maintenance.
- Complete audit history of account changes.
- Automated notifications via email and/or hard copy.
- New account enrollment.
- Participant and beneficiary replacement requests.
- Easy maintenance of information for participant, beneficiary, successor, third-party statement recipients and non-participant contributors.
- Annual option reallocation.
- Future contribution allocation.
- Account-to-account transfers.
- Broker-advised and market options.
- Guaranteed principle options with automatic interest posting.
- Age-based options with automatic migrations.
- Blended options.
- Withdrawals, both qualified and unqualified.
- Manual transaction entry capability.
- Automated, scheduled transaction processing (ACH, EFT, payroll deduction).
- Affinity transaction uploads (Upromise, Babymint, Future Trust).
- Transaction float capabilities.
- Transaction voids.
- Retroactive transactions.
- Electronic price file processing.
- Automated trade instructions.
- Statement scheduling options (monthly, quarterly, annually).
- 1099 processing with electronic IRS filing.
- PDF versions of all notifications, statements and tax documents.
- Reporting – Financial, Statistical, Transactional.
