![]() ![]() Plan design, legal, tax and accounting resources Similarly, SRPS will offer deferred compensation plan clients a range of expanded capabilities including:Ĭomprehensive end-to-end solutions for NQ plan administration with strong risk and Section 409A compliance processes Interactive calculators to help participants make decisions about plan options and retirement preparednessĭe-risking strategies including proven pension risk transfer, annuity conversion and term vested lump sum payment programsĪdministration for frozen defined benefit plans In addition, professionals from Conduent and Newport will be available to consult alongside the SRPS service team to help clients optimize plan design and achieve their benefit plan goals.įollowing implementation, SRPS will offer defined benefit plan clients, including those with traditional pension plans as well as cash balance plans, a set of expanded capabilities, including:ĭata analytics, compliance and reporting tools for plan sponsorsĮxpert support for data remediation and audit services and special initiatives such as early retirement windows and mergers and acquisitions Current SRPS defined benefit and deferred compensation plan clients also will migrate to the enhanced SRPS offering starting in 2024. SRPS will begin systems work with both firms this year and offer enhanced plans to new clients in 2024. That translates into valuable perspective and capabilities for all the clients and participants we will jointly serve.” “Newport brings more than 40 years of experience in deferred compensation plan design and administrative services. “We’re proud to work with Schwab Retirement Plan Services and offer Newport’s highly respected nonqualified deferred compensation expertise and services to their clients and participants,” said David Musto, President and CEO of Ascensus. We strive to reduce the complexity of those plans to make them easy for employees to understand and for companies to provide these valued benefits.” “Defined benefit plans are an important component of an employee’s retirement strategy. "This collaboration brings together Conduent’s deep expertise in pension management with Schwab Retirement Plan Services’ workplace financial benefits expertise to deliver high-quality services to defined benefit plan clients,” said John Larson, Vice President and Portfolio Leader at Conduent. As leading providers, both firms bring a long-standing commitment to workplace financial benefits.” After careful review we determined we could best meet the complex plan needs of large companies more effectively and efficiently by leveraging the expertise of Conduent and Newport. ![]() “As we continue to grow market share in the larger segments of the retirement plan market, we have an opportunity to serve the broader needs of these clients. “While we’ve offered defined benefit and deferred compensation plans for years, our primary focus has been on servicing 401(k) plans,” said Ben Sheppard, Managing Director, Schwab Retirement Plan Services. Likewise, both participants and plan sponsors will continue to access their Schwab defined benefit and deferred compensation plans directly through SRPS websites, which will include plan information supplied by Conduent and Newport. SRPS will continue to serve as the plan provider, delivering plan services and communications to participants and leading plan sponsor client relationships, with support from Conduent and Newport. Both firms have more than 40 years of experience offering workplace benefit plans. SRPS will work with two recognized industry leaders to help build out the offering - Conduent Incorporated (Nasdaq: CNDT) in the defined benefit area and Newport, an Ascensus company, in the deferred compensation area. ![]() All rights reserved.Schwab Retirement Plan Services (SRPS) today announced plans to launch an expanded set of capabilities to serve defined benefit plans and nonqualified deferred compensation plans. ©2019 Schwab Retirement Technologies, Inc. residents subject to country-specific restrictions). Schwab RT is engaged in developing and licensing proprietary retirement plan recordkeeping systems to independent Third Party Administrators. The Charles Schwab Corporation provides services to retirement plans and participants through its subsidiaries: Charles Schwab & Co., Inc., Charles Schwab Bank, Charles Schwab Trust Bank, Schwab Retirement Plan Services, Inc., and Schwab Retirement Technologies, Inc.® (Schwab RT).
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