Wolters Kluwer Makes Retirement Plan Distribution Processes Easier

Wolters Kluwer Legal & Regulatory U.S. announced that its Distribution Tracking Software (DTS) is now fully integrated with the ftwilliam.com 1099 Software module.

With the launch of the software’s new integration features, users can now push their distribution data that was collected in DTS into the 1099 software, which automatically populates the data appropriately into 1099 forms—eliminating the process of manually inputting 1099 data. ftwilliam.com’s technology can identify the need for a distribution to require multiple 1099 forms, as well as instances when multiple distributions should be combined into a single 1099 form.

Additionally, the new ftwilliam.com DTS integration with Millennium Trust allows both Millennium Trust and ftwilliam.com to further simplify the manual set-up process of automatic rollovers. With this integration, users can push information collected in DTS to Millennium Trust automatically. This alleviates the need to manually upload participant data in order to set-up an IRA with Millennium Trust. A third-party administrator (TPA) simply selects the participants on the DTS Distribution dashboard and pushes a button. DTS then automatically creates the file and transmits the data to Millennium Trust on the TPA’s behalf. This streamlines the process and minimizes the risk of error.

Additional features of ftwilliam.com’s DTS include:

• Global and plan level dashboards;
• Custom notifications and alerts;
• Real-time updates to keep users and their clients informed on the status of a distribution;
• At-a-glance distribution summary view, to see everything needed to know about a distribution in one place, with the option to add custom notes or activity;
• Document exchange, allowing users to send any document via the portal for download and receive signed/completed forms and documents from plan sponsors and participants;
• Document template manager, allowing professionals to upload their own templates, use ftwilliam.com’s templates, or create their own, instantly create custom custodial directives, force out notices, spousal consents, and more;
• Clone/Split distributions functionality allowing the user to clone a record and add the additional funds destination when participants request a distribution be split into multiple sources;
• Default DTS specifications making set-up faster;
• Batch import distributions for force outs, plan termination and conversion; and
• Batch print and attach custom documents to distribution records.