Sep 06, 2019
For All Clients
- Cybersecurity and Fraud Prevention – In an effort to mitigate cyber fraud, we will present ideas and best practices in our cybersecurity campaign that includes a webcast for advisors and plan sponsors and educational materials for plan sponsors and participants.
- Spanish Website – Participants can dynamically change between English and Spanish translation or default to their preferred language.
For Clients with Qualified Plans
- Managed Accounts – A new fee for service managed account program that can be adopted to offer participants a discretionary managed account solution. This can also be used as the QDIA option for plans with auto enroll. The Managed Account service is a web-enabled financial advisory service.
- 3(16) Services – Newport Group can act as the fiduciary on the plan for many operational and administrative functions.
- Spanish Statements – Participants can receive statements in Spanish.
New Regulatory Updates
- Hardship Withdrawals – Regulatory changes announced in 2018 affecting hardship withdrawals have now been enabled. We will send amendments later this year to plans using a Newport Group document, provided that final regulations do not include unforeseen changes.
- Force Out Process – Newport Group will introduce a new force out distribution process for clients that are seeking a low cost solution.
- Payroll Integration – Newport Group is onboarding additional payroll integration vendors supporting self-serve, 180, and 360 payroll options.
- 180-Degree Partners: ADP, Paycom, Paychex, Namely, ConnectPay, UltiPro, and Complete Payroll (CPP)
- 360-Degree Partners: Paylocity, CorPay
- Stale Dated Check Process – A new report containing stale dated check information will be updated after monthly close and plan sponsors will have the option to print the report on-demand or schedule the report.
- Participant Fee Disclosure – Continued roll out of our redesigned, easy-to-read disclosure format containing important information regarding participant accounts.
- Sponsor Reporting – Continued enhancements to standardized reports.
- Sponsor Notifications – Functionality for plan sponsors to subscribe to receive email alerts when a participant makes a change to their account.
Your Newport Group representative will be reaching out to discuss these enhancements as they are rolled out.