Wolters Kluwer announces Cycle 3 Defined Benefit and Cash Balance plan restatement documents on ftwilliam.com

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Wolters Kluwer Legal & Regulatory U.S.

Jul 17, 2023, 10:01 ET

User-centric templates streamline the restatement process and help minimize the cost of compliance

NEW YORK, July 17, 2023 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced that ftwilliam.com, the leading provider of software and services to retirement plan service providers, has made its Cycle 3 Defined Benefit and Cash Balance retirement plan documents available to customers.

"ftwilliam.com's Cycle 3 documents boast unrivaled flexibility for benefit formulas in Cash Balance plans, including the ability to specify opening account balances by group and provide automatic increases for pay credits," said Charles A. Brown, Actuarial Director for Wolters Kluwer's ftwilliam.com. "Our cloud-based compliance software's integration with the documents reduces both duplicative data entry and costs throughout the process, providing increased efficiency and profitability to our customers."

Providing modern, cloud-based employee benefits software, ftwilliam.com's offerings include retirement plan documents, government forms, compliance testing, and reporting and distribution tracking. ftwilliam.com also offers a new Plan Design Summary (PDS) tool which can help streamline proposals and the restatement process. For example, a template can be built in PDS to track and communicate document changes to clients during the restatement process.

Every six years, pre-approved retirement plan documents need to be restated to include IRS-mandated language that reflects new legal and regulatory requirements. The Cycle 3 Defined Benefit and Cash Balance plan documents available on ftwilliam.com include an IRC 401(a)(26) failsafe provision that automatically minimizes the cost of compliance to the lowest dollar amount possible. Those documents also provide a method for matching pay credits to the IRC 415 limit and new death benefit options to better accommodate insurance in plans.

Retirement plan service providers who are not currently using ftwilliam.com for Defined Benefit or Cash Balance documents can convert their current PPA plans over to the new Cycle 3 documents and take advantage of the integration between the software's document module and Defined Benefit Compliance software for 2023 administration. The IRS window for the pre-approved Defined Benefit and Cash Balance plans runs through March 31, 2025.

To learn more, visit: https://www.wolterskluwer.com/en/solutions/ftwilliam

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.

MEDIA CONTACT:
Frank Ready
Senior Specialist, External Communications
Legal & Regulatory
Wolters Kluwer
Office: 717-205-3647
Email: [email protected]

SOURCE Wolters Kluwer Legal & Regulatory U.S.