Case Study: Statements

This Firm needed to provide a multi-language statement in accordance with the processing instructions established by the Plan Agreements and the 401K Participants themselves.

The Problem

This statement had to be customizable since it could change anytime, on a monthly basis. Plus, it needed to be cost-effective and support multiple languages to reflect the diversity of each given plan's participants.

Another problem associated with producing these statements is that the required information was not available in the central file. The following information had to be assembled and reflected on the statement:

• Vesting
• Employee Allocations
• Employer Allocation
• Valuation
• Distributions
• Transfers
• Share and Fund Prices
• Dividends
• Interest
• Loan Disbursements
• Withdrawals

The Solution

An automated tool was designed that would easily assemble the required information and produce a multi-language statement in CSF/AFP format. The statement contained graphical components and introduced such items as pie charts, bar graphs and line charts to depict equity and fund performance. This table driven statement system was designed to facilitate subsequent user changes to both the appearance and content.

The Loan provision reflected on the new statement was one of the most appealing features. A seamless process was designed that produces a fully integrated participant statement.

Within 90 days the new statement subsystem was designed and implemented. Customers began receiving newly designed and formatted 401K statements reflecting all transactions and investment summary information on multi-language statements.


Back to Case Studies