Articles

New Product News from Newport - Q1 2021

Mar 29, 2021

Over the next several months, Newport is introducing new products aimed at engaging and informing sponsors and participants alike. These include:

For Qualified Plans

Payroll Calendaring and Tracking

Newport is enhancing our payroll monitoring system with new calendaring, tracking, and notification capabilities. The automated calendaring and tracking system will help Newport support sponsors in ensuring that payroll files are received on time and that contributions are funded in a timely manner after submission. Notifications will be sent to sponsors alerting them if they need to take action on a payroll file or plan contribution.

Status Tracker – Loans and Distribution Requests

Much like the real-time tracking services offered by Amazon, FedEx, UPS and other leading logistics brands, Newport will be launching a new “Status Tracker” service for certain plans to keep our Qualified plan participants informed of important loan and distribution updates. When checking their account information on our website, participants will be able to track the status of their loan or distribution in real time—from submission through final payment.

Newport will also be able to send immediate notifications to participants when the status of their loan changes or if action is required. These communications will improve our participant experience by offering transparency and peace of mind.

For Qualified and Non-Qualified Plans

Financial Wellness Sponsor Insights Report

On the heels of our highly successful launch of Newport’s all-new Financial Wellness solution, we’re excited to announce we will be providing each plan sponsor that has enabled Newport’s Financial Wellness solution a quarterly report revealing key insights into participant behavior.

These insights will include historical data on how participants are using our Financial Wellness resources, what topics they are most interested in, and the overall plan experience across the plan participant population; individual participants will not be specifically identified. In the future, reports will also compare the plan’s experience with that of a broader universe of all Newport plans.

The screenshot below illustrates how the new Financial Wellness Sponsor Insights reports will be published to the plan sponsor’s report:

Screenshot of how the Financial Wellness Sponsor Insights reports will be published.
 

New Tax Statements Webpage

Certain tax forms were posted on Newport’s participant website during the first week of February after the tax forms were sent directly to participants. Examples of tax forms included on the website are as follows:
 

  • For Qualified plans, annual 1099-R and 5498 forms (although 5498 is not expected to be posted until Summer 2021)
  • For Non-Qualified plans, W-2 and 1099-M forms    

Corrected tax forms for 2020 will be updated monthly through October 2021. Going forward, tax statements will be posted the first week of February and corrected tax forms will be updated monthly from March to October. 
 
The forms are located on the participant website under My Plans > Statements. If you do not already see a link for Tax Statements, it will become available soon, as we continue to rollout the new design throughout 2021. Once available you will see two options:

 
  • Account Statements – This page will show both Published and On-Demand Statements.
  • Tax Statements – This is a new page designed to display tax statements.

If Tax Statements is not turned on, clicking on Statements will take you directly to Account Statements (no additional selection needed).

If a tax statement is available:

  • You can click right on the Tax Form and a .pdf of the participant’s 1099R will open.

Screenshot of where to find tax statements if available.

If no statement is available for the participant:
Screenshot of no tax statements available.

This functionality is intended to improve our participant experience by offering easier access to important tax documents. 

20210308-1533551-4656802

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services.
Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser and wholly owned subsidiary of Newport Group, Inc.
Securities are offered through Newport Group Securities, Inc., a dually registered investment advisor and broker dealer, member FINRA and affiliate of Newport Group, Inc. Securities in California are offered under the Newport Securities Insurance Services. See BrokerCheck for more information. Other insurance products may be offered by Newport Group, Inc.
For more information about Newport Group Consulting and its services, please refer to our Form ADV Part 2A.
Newport Trust Company, is a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc. Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans.