Enterprise Iron provides Form 5500 support services to help service providers meet regulatory obligations. Their services include outsourcing solutions, supplemental staffing, and process improvement engagements to develop functionality, ensure data quality, identify data sources, determine client needs, and educate clients on compliance changes. Enterprise Iron has expertise in meeting legal obligations, choosing outsourcing solutions, and maintaining client cooperation to minimize ongoing costs and ensure high quality regulatory reporting.
2. Form 5500 Support High Level Needs Form 5500 preparation has become more complex and plan sponsors must rely on 5500 data for fiduciary oversight regarding fees and expenses. Because of this, service providers must ramp up in the following ways: Develop functionality to incorporate input from multiple sources Ensure data quality and maintenance Identify all data sources, understand the implications of the information disclosed to participants and validate the quality and reasonableness of this information Determine client requirements and service support needs Educate clients so they are prepared to comply with changes and fulfill their responsibilities. These new dynamics place new demands and costs on service providers who are already pressed to achieve and maintain profitability and customer loyalty. Enterprise Iron has the expertise, resources, experience and processes to help you: Meet your legal obligations Choose from outsourcing solutions, process improvement solutions, or supplemental staffing solutions Work with and communicate with your clients to maintain their cooperation and retain their loyalty Ensure that you have access to the most effective, automated, process in place to minimize on-going costs, and maintain, report on, and retrieve data in a high quality systematic manner Supplement your staff with Enterprise Iron experts to assist in completing immediate deliverables and leverage this experience during long-term improvement efforts. High Level Benefits 2
60. High availability of Internet connectivity is provided through multiple ISPs and redundant last mile connectivity through Verizon cables and Radio connectivity
76. Supplemental Staffing Enterprise Iron has a long history of offering expert staff to supplement your internal resources. We have a successful track record of support in all areas of compliance, including 5500 support. Some examples of our areas of expertise include: Auditors and Quality Assurance Staff Data Validation and Correction Experts Annual Reporting Experts Client and Auditor Call Support Client Communications Specialists and Trainers 5500 Reporting and Schedules Experts 10
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78. Review 5500 reporting and data needs relative to needs for other functions such as certified annual reports and annual compliance testing
79. Recommend integration and leverage points that can be used to improve quality, eliminate duplicative data sources, and more efficiently integrate technology solutions across typical “ancillary” platforms
82. Review client engagement and communications programs for opportunities to mitigate risks and increase loyalty
83. If necessary, design enhancements to communications programs, client training programs, and client support materials
84. Review and assess training and communications programs for front line staff handling client data, client reporting, and client compliance and audit support
86. Identify intersection and integration points with key client channels such as the plan sponsor web-site to maximize client efficiency
87. Assess business risks associated with current 5500 production processes, data sourcing, and workflows and recommend short term and long term mitigants
88. Document current 5500 production practices and work flows to facilitate future automation, and create an institutional body of knowledge
89. Recommend and design improvements that can be implemented to increase accuracy and efficiency in meeting 5500 reporting obligations over the next 18 monthsMeet Obligations Manage Client Relationships Manage Costs and Quality 11
90. Form 5500 Services Approach Assessment Our approach consists of three distinct phases that build upon each other to achieve an end-state designed to meet your business objectives, both short and long term. Analysis and Design Build-out and Implementation Our 3 phase process improvement approach can be enhanced by utilizing Enterprise Iron expert resources to assist with completing any current backlogs associated with 5500 preparation and production during implementation.
174. EI Tools and Techniques Assessment Interview Questionnaires / Interview Guide Work Flow Analysis Guide Alternatives Framework Template Risk Analysis Template System Architecture Designs Standard Data Mapping Analysis and Design Business Requirements Document Integration Scheme Standard Business Controls and Validations Data Schemas and File Layout Templates Implementation Project Plans & Budgets Functional Design Document Build-out and Implementation Use Case Templates Communi- cation Program Templates Sample Test Cases Standard training program outline Build vs Buy Review Vendor Product Evaluations Technical Design Document * Standard Datamart Design 16
194. Vendor/contract management analyst** The number of consultants assigned will be based on the number of plans, type of plans, plans’ complexity, and asset mix 17
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196. Equally critical to success is the way we interface with your team to plan and execute the strategy you choose.18
197. Integrating with Your Team Setting up your team with confidence that their talents will be valued during and after the new solutions are implemented can create a high performance work environment that provides the best chance of success. Critical integration activities include: Establish a project methodology that explains project purpose, structure, goals, activities and success measures. Pair EI resources with your existing teams to leverage diverse skill sets and facilitate knowledge transfer. Identify new team incentives and measures to be implemented Identify impact of EI alternatives on other business and technology initiatives Identify deployment opportunities for existing talent into newly defined roles Incorporating your corporate lexicon and current job roles into EI recommendations 19
200. Maximize your flexibility to handle future changes.In addition to regulatory and compliance benefits, implementing a complete Enterprise Iron solution will enable you to: Increase the odds of success in meeting your contractual obligations Maximize the value of any initiatives currently in motion Ensure team alignment as to solutions being proposed and implemented Execute in such a way as to maximize the opportunity to increase client support and loyalty Manage the cost of regulatory compliance within an overall target cost and profitability framework Build and store data in such a way as to enable future enhancements that leverage a customized data warehouse 20
201. Contact Enterprise Iron For more information see our website: http://www.eifis.com Contact Information: 485C Route 1 South Suite 350 Iselin, New Jersey 08830 Email: info@eifis.com Phone: +1.888.242.4682