Diversified said in a press release its enhanced solution is section 409A compliant and provides a comprehensive set of plan reporting capabilities and an open architecture approach to selecting funding vehicles and investment options. NQDC plan participants can enroll, make distribution and in-service withdrawal elections, and view their election history online.

In addition, Retirement Advantage provides plan sponsors a single recordkeeping platform designed to meet all program requirements.

“Added regulatory complexities have led many plan sponsors to step back and reevaluate their NQDC plan and as a result, they are looking for consulting and administrative support to address the section 409A requirements. Plan sponsors that chose not to subject their existing NQDC plan to section 409A are now faced with administering two completely different sets of rules and regulations. Bifurcating their existing plan, or maintaining two plans with different plan provisions, will likely require sponsors to seek outside assistance,” said Rob Vetere, senior vice president, compliance and technical services, at Diversified.