AXA Financial has launched new subsidiary PlanConnect, a full-service third party administrator (TPA) for sponsors of 403(b) and 457(b) retirement savings plans.

AXA Financial has said that the new subsidiary, headquartered in New York will offer customers a new standard in retirement plan administration by delivering plan maintenance, plan compliance and common remitter services. The PlanConnect was developed by its sister company AXA Equitable Life Insurance.

PlanConnect offers plan sponsors three core TPA services, which include Connect2Maintain for ensuring plan sponsors have access to the information and forms on latest regulations from the Internal Revenue Service (IRS) and Department of Labor (DOL).

The other two TPA services are Connect2Comply for keeps 403(b) and 457(b) plans compliant with all IRS and DOL regulations; and Connect2Remit for ensuring that employee contributions to retirement plans are quickly and accurately processed.

Christopher Condron, president and CEO of AXA Financial, said: ”We’re excited to start a new business that will redefine how retirement plans are administered.

James Shepherdson, president of retirement savings for AXA Equitable, said: The new services of PlanConnect, combined with our solid foundation of experience, will provide our customers with more flexibility and a higher level of service.

Sue LaVallee, CEO of PlanConnect, said: PlanConnect is designed to meet the changing needs of plan sponsors. Our menu-driven approach provides employers only what they need – whether it is basic services or complete plan administration.

What we offer, coupled with the highest standard in customer service, has PlanConnect poised to set a new standard for the way third party administrators do business.