Quarterly Product News for Advisors

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

New Products

• 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.

New Services

• 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.

New Enhancements

• 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.

Special Reminders

• Sponsor Notifications – Functionality for plan sponsors to subscribe to receive email alerts when a participant makes a change to their account.