Account Recordkeeping Services | Wolters Kluwer Financial Services
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Account Recordkeeping Services

  • Our Account Recordkeeping Services allow you to confidently offer Individual Retirement Accounts (IRAs), Health Savings Accounts (HSAs), and Coverdell Education Savings Accounts (CESAs), while outsourcing the back office operations to us. It’s like hiring staff without expenses for training, benefits, or holiday pay. As you experience staff turnover, we will still be there to ensure no interruption to your IRA operations.

    Our Account Recordkeeping Services will assist you in eliminating reporting errors by putting transactions through dozens of electronic compliance checks to help ensure that each transaction is properly recorded.

    In addition to the required reports we develop for the government, your account owners, and your organization, we also assist with required minimum distributions and inform you of rule changes. You will also have easy online access to a variety of reports to help you analyze and understand your tax-advantaged account base. You’ll get exactly what you need—when you need it—with no paper waste.

    Finally, we offer flexible cutoff dates, so you can choose the best schedule for your organization.

    Powerful Tools

    System Security—Confidently use our SAS 70-certified online system, built on the same security technology incorporated into our other trusted solutions.

    Web Site Links—Electronically access compliance and educational information, reducing paper waste and waiting time.

    Message Center—Securely exchange confidential information between your financial organization and our knowledgeable staff. Easily submit and upload account owner and transaction information for processing.

    Online Reports—Quickly select from many report options and receive reports securely, eliminating the risk of your account owner data being compromised.

    Account Owner and Beneficiary Information—Instantly access account owner information, including account summaries, demographics, required minimum distribution (RMD) information, and much more.

    Account Maintenance—Easily input account owner and beneficiary information, contribution and earnings information, and make other changes to existing accounts online.

    Administrative Assistance

    Annual Reports—View annual reports online, such as the IRS Forms 1099 and 5498 series, and save copies of each report to your own system for permanent retention, eliminating the need to find storage space for paper reports.

    Miscellaneous Reports—Review your accounts with up-to-date and on-demand reports covering demographics, balances, distributions, federal withholding, and much more.

    Additional Services

    Dedicated Administrator—A veteran staff member will be assigned to your account and will be available to answer questions regarding your specific accounts, submitting data, corrections, use of the system, reports, etc.

    Technical Consulting—You will also have access to our experienced consultants for answers to regulatory or compliance questions about IRAs (including Simplified Employee Pension and Savings Incentive Match Plan for Employees), HSAs, and CESAs.

    Compliance Edits—We apply extensive compliance edits to check for such things as eligibility, contribution limits, age limitations, and aggregate limits across multiple accounts.

    RMD Calculation and Reporting—We help manage accounts in RMD status by calculating the RMD and providing monthly reports to track year-to-date RMD status, and provide account owner notices to help you satisfy Internal Revenue Service requirements. We also calculate and provide notices for beneficiary RMDs.

    Mailing Service—For a small additional fee and applicable postage, we will send the 1099 and 5498 series, Fair Market Value, and RMD reports and statements directly to your account owners and/or their beneficiaries.