Plan Sponsors may choose to offer daily valued plans in which the plan participants may access account information 24 hours a day via the internet. These plans are referred to as ‘daily valued’ because the share prices of the mutual funds in the plan are updated on a daily basis. Several transactions including contributions, distributions, and investment transfers are processed at the time actually executed, so employee accounts are current at the end of every day.
Cerrado Group Member Daily Valuation Plan Areas of Expertise:
- Maintain records for all participants, including name, social security number, address and beneficiary information.
- Maintain records of participant accounts, deposits, withdrawals, and investment gain/losses.
- Allocate contributions deposited to participant accounts pursuant to participant’s investment elections.
- Provide distribution forms and required tax notices via website for completion by plan sponsor and participant. Verify and process completed distribution forms.
- Provide loan forms via website. Verify and process participant loans. Provide plan sponsor loan information for payroll withholding.
- Prepare participant statements on a quarterly basis that are e-mailed/mailed directly to the participants.
- Prepare a summary of participant accounts, Summary of Plan Assets, Income Statement and a reconciliation of activity on a quarterly basis and post to the plan sponsors portal.
- Provide Website access to participants, plan sponsor and investment advisor for inquiry on account status and to initiate investment changes.
- Provide 800 number and/or local phone number to participants, plan sponsor and investment advisor for inquiry on account status.
- Provide a Statement on Standards for Attestation Engagements (SSAE) SSAE 18 SOC 1 Type II produced by an independent certified accountant on an annual basis. A SSAE 18 SOC 1 Type II Report presents an unbiased statement about our members internal procedures and controls.
Expertise in daily valuation platforms and processes for businesses and industry professionals:
- Account balance information, by dollars and/or shares
- Ability to transfer amounts between mutual funds
- Investment performance information
- Other general information, such as frequency of payroll or who to contact for plan information