The 529 Plan Administration Solution, developed by Innovative Software Solutions,
provides plan administrators with a comprehensive record keeping solution for their
section 529 college savings plans. The system includes both a back-office accounting
and account administration module, as well as, a web-based account access module for
participants and financial advisors. The solution is built on technology that allows
easy integration with legacy systems.
| Solution Features |
Benefits |
| Real-time, transaction-based solution |
Always deliver the most recent information
available, data is edited and updated at entry – no need to wait for batch processing |
| 529 guidelines monitoring |
Assurance that all components
of the system are compliant with all federal and program specific guidelines |
| Automated notifications |
Participant notifications
automatically generated for account confirmations, account changes, etc.
without user intervention |
| Single and group contribution processing |
Ability to easily process individual participant
contributions as well as group participant contributions (payroll deduction) |
| Integrated general ledger |
Maintain separate detail G/L
for 529 Plan and integrate at summary level with enterprise G/L |
| Withdrawal processing |
Automated withdrawal
notifications based on college begin dates, automated account termination
upon final withdrawal |
| Online account service module |
Multiple layers of security allow
plan participants and financial advisors to conduct routine account functions such
as enrollment, account inquiry, withdrawal requests, future investment reallocation
requests and change requests (i.e. registration changes, beneficiary substitutions,
asset reallocation, etc.) |
| College planning calculators |
Tools that allow consumers to
determine the future cost of college and how much they will need to contribute to
meet these goals. |
| Account change logging |
Automated history of account
alterations reduces the possibility of inaccurate and potentially costly errors |
| Online form print/reprint capabilities |
Simple and ready access to plan forms in PDF
format; forms are completed, edited and submitted by participant reducing administrative data
entry and ensuring data integrity |
| B2B information submission portal |
Automated method of receiving and
extracting data from various sources, even email attachments |
| Worksite marketing interface with
electronic form interface |
Allows for group worksite enrollment
with or without internet connectivity |
