Form 5500 Support Services

Form 5500 Support

Form 5500 preparation has become more complex and plan sponsors must rely on 5500 data for fiduciary oversight regarding fees and expenses. Because of this, service providers must ramp up in the following ways: Develop functionality to incorporate input from multiple sources Ensure data quality and maintenance Identify all data sources, understand the implications of the information disclosed to participants and validate

the quality and reasonableness of this information Determine client requirement s and service support needs Educate clients so they are prepared to comply with changes and fulfill their responsibilities.

These new dynamics place new demands and costs on service providers who are already pressed to achieve and maintain profitability and customer loyalty.

Enterprise Iron has the expertise, resources, experience and processes to help you:

Meet your legal obligations Choose from outsourcing solutions, process improvement solutions, or supplemental staffing solutions Work with and communicate with your clients to maintain their cooperation and retain their loyalty Ensure that you have access to the most effective, automated, process in place to minimize on-going costs,

and maintain, report on, and retrieve data in a high quality systematic manner Supplement your staff with Enterprise Iron experts to assist in completing immediate deliverables and

leverage this experience during long-term improvement efforts.

High Level Needs

High Level Benefits

Service Options

Outsourcing Services Supplementary Staff Process Improvement Engagements

Enterprise Iron offers a full range of outsourcing solutions that range from:

• Full-service total outsourcing

• Operational outsourcing

• Full array of specific processes and services that can be purchased a la carte.

You can utilize Enterprise Iron’s expert staff on-site to assist you with:

• Manual processing

• Data clean-up

• Platform installations and upgrades

• Data warehouse development or integration

Enterprise Iron’s consulting experts can help you improve internal processes and controls to better manage quality and costs:

• Business process improvement

• Technology platform improvements

• Data management enhancements and integration

Enterprise Iron brings its expertise with multiple recordkeepers in assisting and managing 5500 activities to our suite of services.

Outsourcing Services Enterprise Iron offers three types of outsourcing, designed to

fit your unique needs

Full Outsourcing

Operational Outsourcing

A la carte Services

• Perform all operational tasks necessary to create, distribute, file, and archive 5500 reports

• Interact with customers, auditors, and regulators to gather data, correct information, and answer questions

• Perform all operational tasks necessary to create, distribute, file, and archive 5500 reports, on a fully disclosed or private label basis

• Allow your staff to serve as the customer, auditor, and regulator interface to gather data, correct information, and answer questions

• Offer specific services to you to assist with your 5500 production, distribution, filings, or archival processes

Full Service Outsourcing Services Our full-service outsourcing solutions offer you freedom from worry

about on-going regulatory reporting requirements, offer you and your clients an expertly prepared and validated set of regulatory reports and audit support, and offer electronic filing and archival of all documents for future reference.

• Beginning balances

• Last year’s certified statements and 5500 reports

• Current year transactions and account history

• Client demographic data

• Separately held assets

• Pre-conversion data

• Validate Data between history and certified financial statements

• Provide correcting entries to either history or financial statements

• Produce all 5500 schedules and audit package

• File 5500 via eFAST2• Create archival records• Post reports and schedules

to client website

• Manage customer data requests

• Design and manage customer and internal training

• Design, manage, and distribute all customer outputs

• Manage customer and auditor call center support

• Manage customer website content and archival processes

Data GatheringData Validation and Reporting

Communications Support

Operational Outsourcing Services Our operational outsourcing solutions offer you the opportunity to

outsource cumbersome back-office processes and platforms while maintaining customer contact points internally.

• Beginning balances

• Last year’s certified statements and 5500 reports

• Current year transactions and account history

• Client demographic data

• Separately held assets

• Pre-conversion data

• Validate Data between history and certified financial statements

• Provide correcting entries to either history or financial statements

• Produce all 5500 schedules and audit package

• File 5500 via eFAST2• Create archival records• Post reports and schedules

to client website

Data GatheringData Validation and Reporting

A la Carte Outsourcing Any of our outsourcing services can be purchased

on an a la carte basis should you need specialized processing for certain components of your regulatory compliance reporting activity.

And, any of our solutions can be private labeled and customized to your unique needs and situation.

Examples of our a la carte services:

Collection of Prior Year’s data

Collection of client data from plan sponsors

Data validation and corrections

Preparation of Reports and Schedules

Creation of Audit packages or Support for Auditors

Creation of Client Communications Materials

Creation and execution of training programs

Our Outsourcing Process

If you choose to utilize our Enterprise Iron site, we have developed our offfices in Iselin, NJ as our first processing center.

Our outsourcing services can be performed in different ways depending on your unique needs.

OUR SITE OR YOURS

OUR SYSTEMS OR YOURS

Facility• Iselin, NJ• 24 hours manned security• Access Control with card readers• CCTV & Internet TV• Video conferencing facilities• Currently occupying 200 seats across 15,000

sq. ft.• Networked for Data and Voice

Security• Restricted access to server room• Server Monitors are kept in a separate area

from the physical server• Training on privacy and security norms• Use encryption for transmission• Background checks performed on all personnel• Authorized Personnel (Employees) have

signed strict confidentiality agreements• Every sub-contractor, when engaged, are

bound by all the above guidelines

Network• High performance Network and Communication facilities with built-in redundancies• High availability of Internet connectivity is provided through multiple ISPs and

redundant last mile connectivity through Verizon cables and Radio connectivity• T1 links from Iselin office to Client office• Client’s facilities can also be connected using VPN Tunnel• Communication equipment configured with multiple power supply, CPU and

network interfaces

Routers – Cisco Routers• Firewall - High performance firewalls configured in Active / Active High Availability

Mode• Switches – High Performance layer 3 switches with built in redundancy• Cabling – Optic fiber backbone and Structured Cabling• All voice equipment is provided with multiple CPUs and power supplies

Servers• Dell Multiple CPUs, RAID-5,power supplies, multiple NICs• Oracle and SQL Server

Desktops - HPs

Our Outsourcing Tools and TechniquesEnterprise Iron has developed a series of proprietary tools and techniques

to make our outsourcing and client support services both efficient and flexible so that we can customize solutions for you.

Data Tools

Client Support Tools

Data Exchange Methodologies

Receipt of data from your internal systems

Receipt of data from external sources including clients, trustees, and investment managers

Proprietary customized data validation routines

Flexible correcting transactions and entries

Electronic filing of 5500 reports via EFAST2

Data Storage and Retrieval

Proprietary data warehouse and data mart

Proprietary archival and retrieval tools

Complete workflow and imaging platform

Client web access to reports and audit support documents

Client Data Collection Full support of client data collection and quality review

Client Training and Support Complete web and collateral based client training

tools, along with a full service call center and client web site

Auditor Support Specialized reporting and query tools for auditors

Client Communications Full suite of client communications tools for data

gathering, status reporting, filing notifications, and archive retrieval as well as downloads to provider’s web sites and report archives

Supplemental Staffing

Auditors and Quality Assurance Staff Data Validation and Correction

Experts Annual Reporting Experts Client and Auditor Call Support Client Communications Specialists

and Trainers 5500 Reporting and Schedules

Experts

Enterprise Iron has a long history of offering expert staff to supplement your internal resources. We have a successful track record of support in all areas of compliance, including 5500 support. Some examples of our areas of expertise include:

• Formulate a series of recommended end-state solutions, designed to efficiently meet annual 5500 reporting in the most cost –effective manner

• Review 5500 reporting and data needs relative to needs for other functions such as certified annual reports and annual compliance testing

• Recommend integration and leverage points that can be used to improve quality, eliminate duplicative data sources, and more efficiently integrate technology solutions across typical “ancillary” platforms

• Review and recommend platform upgrades and changes

• Design and implement platform and process improvement changes

• Review client engagement and communications programs for opportunities to mitigate risks and increase loyalty

• If necessary, design enhancements to communications programs, client training programs, and client support materials

• Review and assess training and communications programs for front line staff handling client data, client reporting, and client compliance and audit support

• Recommend improvements in line with business needs and industry best-practices

• Identify intersection and integration points with key client channels such as the plan sponsor web-site to maximize client efficiency

Process Improvement Services Overview

• Assess business risks associated with current 5500 production processes, data sourcing, and workflows and recommend short term and long term mitigants

• Document current 5500 production practices and work flows to facilitate future automation, and create an institutional body of knowledge

• Recommend and design improvements that can be implemented to increase accuracy and efficiency in meeting 5500 reporting obligations over the next 18 months

Meet Obligations Manage Client Relationships Manage Costs and Quality

Short Term Objectives Long Term Objectives

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Form 5500 Services ApproachAssess current state

and initiatives in progress against

agreed upon measures of success. Recommend solution

framework and define ideal end

state

Design and document required changes in process

flow, client communications, and technology

platform and integration

Develop detailed business and systems

requirements, and manage the build ,

testing, deployment, and integration, of

process and platform changes

Our approach consists of three

distinct phases that build upon each

other to achieve an end-state

designed to meet your business

objectives, both short and long term.

Assessment

Analysis and Design

Build-out and Implementation

Our 3 phase process improvement approach can be enhanced by utilizing Enterprise Iron expert resources to assist with completing any current backlogs associated with 5500 preparation and

production during implementation.

Assessment Phase

• Documented initial evaluation• Risk/benefits identification• Options/alternative solutions overview• Impact overview• Recommendations• Analysis and design phase plan

• Client communications and reporting• Compliance and legal policies, platforms, and procedures• Operations and services practices• Fees and commission calculations, reports, and disclosures• Technology and architecture• System and web interfaces• Self-directed brokerage• Special asset handling• Fund trading and accounting• Audit and control quality reviews

Areas of Review

• Week 1 – Arrange project events and schedule interviews• Week 2 -4 - Conduct Interviews, review existing

documentation and any initiatives in motion• Week 5 – 7 – Formulate deliverables and socialize concepts• Week 8 – Present final deliverables

Deliverables Typical Timeline

• 5500 preparation process• Data sourcing , controls, validation and storage• Data integrity• Financial aggregation for 5500 purposes• Integration with annual plan reporting• Data adjustment and financial re-classification• System and web interfaces• Workflow practices

Analysis and Design Phase

• Detailed current and future state operational processes and workflows

• Business requirements document (including controls, validations and reporting specifications)

• Functional design document• Implementation project plan• Cost and resource estimates• Build vs. buy analysis• Business case justification

• Design operational workflow diagram of future state processing

• Design client education framework• Define all data sources• Create business requirements document • Define business controls and validations• Define reporting requirements• Create functional design document • Refine cost and resource estimates• Prepare project timeline for Build-Out / Implementation

phase

Operations• 5500 Preparation• Annual Reporting Preparation• Non-discrimination testing• Workflow processes

Marketing• Client communications• Client training• Internal training for clientfacing roles

Analysis and Design Objectives

Key Impact Areas

• 6-10 week s depending on complexity of requirements definition

Deliverables Typical Timeline

Technology• Data sources• System interfaces• Recordkeeping system• Trust accounting system• Workflow tools

Organization• Structure• Roles and responsibilities• Standard operating procedures• Training• Headcount

Build-out and Implementation Phase

• Technical design document *• Data Mart/Data Warehouse solution• Data interfaces• Test plans, test cases and test results• Production verification plans and results • Knowledge transfer program (SOPs, training

program, transition effort)• Validation of business justification

• Develop technical design document• Create and deploy platform and solution for 5500

generation• Design and perform testing effort • Perform data validation and production verification• Re-design of 5500 generation team processes• Re-design of workflow between teams• Re-design of quality control practices• Develop suite of Standard Operating Procedures (role based)• Design and deliver training program

• Plan sponsor’s employee communications guide• Communications checklist• Disclosure documents list• Required forms list• Audit Guide for 5500 calculations and back up

reports• Training guides for internal client-facing staff

Process and Platform Communications Programs

• Request for Proposal• Vendor evaluations with EI proprietary Comparator

Tool• Product evaluations with EI proprietary Comparator

Tool• Assistance during contract negotiations• Solutions review against industry standards and best

practices• Business practice integration

Build Deliverables Buy Deliverables

EI Tools and Techniques

Interview Questionnaires / Interview Guide

Technical Design

Document *

Work Flow Analysis Guide

Assessment

Analysis and Design

Build-out and Implementation

Business Requirements

Document

Alternatives Framework Template

Use Case Templates

Communication

Program Templates

Risk Analysis Template

Integration Scheme

Sample Test Cases

Standard Business

Controls and Validations

Data Schemas and File Layout

Templates

System Architecture

Designs

Implementation Project Plans &

Budgets

Standard Data Mapping

Standard Datamart

Design

Functional Design

Document

Standard training program outline

Build vs Buy Review

Vendor Product

Evaluations

Form 5500 Process Improvement Engagement

Team

• Project manager

• Regulatory & compliance SME

• Systems architect

• Technical lead/programmer

• Lead business analyst

• Project manager

• Regulatory & compliance SMEs

• Systems architect

• Database designer

• Business requirements analysts

• Business intelligence analyst

• Specific software SMEs

• Vendor/contract management analyst

• Project manager

• Systems architect

• Tech lead/programmers

• Testing lead and team

• DBA

• Business integration analysts

• Vendor/contract management analyst

Assessment Analysis and Design

Build-out and Implementation

** The number of consultants assigned will be based on the number of plans, type of plans, plans’ complexity, and asset mix

Flexibility and Expertise Our three service solutions offer you the flexibility

you need with the expertise and efficiency you demand.

Sized to your requirements

Outsourcing Services Supplementary Staff Process Improvement Engagements

No organization can beat Enterprise Iron for our expertise in the retirement services industry, our familiarity with all of the common platforms and solutions utilized, and our level of commitment to providing quality compliance and regulatory support.

Equally critical to success is the way we interface with your team to plan and execute the strategy you choose.

Integrating with Your Team

Critical integration activities include: Establish a project methodology that explains project purpose, structure,

goals, activities and success measures. Pair EI resources with your existing teams to leverage diverse skill sets and

facilitate knowledge transfer. Identify new team incentives and measures to be implemented Identify impact of EI alternatives on other business and technology

initiatives Identify deployment opportunities for existing talent into newly defined

roles Incorporating your corporate lexicon and current job roles into EI

recommendations

Setting up your team with confidence that their talents will be valued during and after the new solutions are implemented can create a high performance work

environment that provides the best chance of success.

Achieving Success

In addition to regulatory and compliance benefits, implementing a complete Enterprise Iron solution will enable you to:

Increase the odds of success in meeting your contractual obligations Maximize the value of any initiatives currently in motion Ensure team alignment as to solutions being proposed and implemented Execute in such a way as to maximize the opportunity to increase client

support and loyalty Manage the cost of regulatory compliance within an overall target cost

and profitability framework Build and store data in such a way as to enable future enhancements

that leverage a customized data warehouse

Rest easier that you will be able to meet your client and regulatory obligations. Set the foundation for better on-going compliance cost structures. Maximize your flexibility to handle future changes.

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Contact Enterprise Iron

For more information see our website:http://www.eifis.com

Contact Information:

485C Route 1 SouthSuite 350

Iselin, New Jersey 08830

Email: info@eifis.com

Phone: +1.888.242.4682