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Products February 15, 2008
New 403(b) Solution Consolidates Vendor Management
403b ASP, a division of 401k ASP, has introduced a 403(b) plan management solution that allows plan sponsors to manage their plans in one system while continuing to work with multiple investment providers.
Reported by Rebecca Moore
In a press release, company co-founder James Olson said the solution uses Open Architecture Plus – the centerpiece of which is “403(b) FundSource – an open architecture mutual fund platform that allows participants to appoint an authorized agent to assist them one-on-one with their investments.” The new solution also can interface electronically among the plan’s approved investment providers in 403(b) ASP’s (b)ridge data exchange program for sending contributions and receiving pertinent information for the management of the plan.
Four online gateways (for plan sponsors, plan participants, financial advisers, and service providers) provide access to the platform. Each gateway facilitates a different plan function or account view – all under the oversight of the plan sponsor.
The platform is configured based on the written plan document provisions and allows for the designation of internal or external plan administration personnel and approved investment service providers.
Firms interested in participating in this program should contact James Olson at (813) 874-0671, ext. 204. Additional information is also available at www.403basp.com.