Daily Valuation Recordkeeping, sometimes called "on demand" or "cash" accounting, has become increasingly popular with plan sponsors and participants alike because it gives immediate access to up-to-date account information 24 hours per day via the Internet.
The need for accurate accounting and proper allocation of all monies in a retirement plan cannot be emphasized too strongly. Failure to account accurately for the monies in a retirement plan can distort participant account balances, increase the fiduciary risks to the plan's Trustees, adversely affect participant enrollments, or endanger the favorable tax status of your plan.
This daily accounting method reacts to financial events as they occur. Asset transfers, contributions, and withdrawals are handled on demand, while investment gains and losses are recognized daily. Every business day of every fiscal year becomes an allocation date.
The plan sponsor can receive financial reports and participant statements containing information that is days old, instead of four to six weeks old, as is the case under a balance forward recordkeeping system.
Katz, Sapper & Miller is equipped with state-of-the-art computer hardware and the most sophisticated "daily valuation" recordkeeping software available in the industry.
By way of our strategic partnerships with Fidelity Investments Institutional Brokerage Group, Charles Schwab & Co. Inc. and First Trust Corporation, Katz, Sapper & Miller provides its clients with the most diverse offering of mutual funds available anywhere.
As a Katz, Sapper & Miller client, your plan's Daily Valuation Recordkeeping will include:
- Daily account balance updates
- Participant Web Module - Internet access for Plan Participants for account balances inquiries and investment trading
- Plan Sponsor Web Module - Internet access for the Plan Sponsor and for the plan's Investment Advisor for plan inquiries and reporting
- Full plan compliance services including preparation of all testing and filing requirements
- Complete flexibility and choice among thousands of mutual funds from hundreds of mutual fund families
- An assigned Katz, Sapper & Miller representative for direct contact during normal business hours for questions and help
- Timely and easy to read benefit statements
- Timely distributions to terminated employees and loan applicants
- Income tax withholding and reporting for all distributions