Lincoln National has enhanced its Unifier service offering with that addition of proactive transaction monitoring service to assist employers in bringing retirement plans into compliance with new 403(b) regulations.
According to Lincoln, with the new proactive transaction monitoring feature on the Lincoln Unifier service, plan sponsors can assign 403(b) transaction compliance review to vendors; monitor vendor transactions and compliance via online reports; and achieve real-time transaction review across the plan.
In addition, to proactive transaction monitoring feature the service includes common remitter administration and compliance monitoring.
Lincoln said that the new process verifies compliance of transactions across all vendors, identifies potential compliance issues, and notifies the plan sponsor of any potential conflicts.
The company said that the Lincoln Unifier is a part of it’s 403(b)e SURE Advantage offering which includes services, tools and education that enable employers to meet administrative requirements while allowing their participants to reach a secure retirement. It also offers plan document services, a sample document for non-ERISA plans and custom document services for ERISA plans.
Chuck Cornelio, president of defined contribution at Lincoln, said: “While the new 403(b) regulations increase employer responsibility, the enhanced Lincoln Unifier provides a streamlined, simplified solution. This offering is another example of Lincoln Financial’s commitment to the defined contribution industry by providing support to our plan sponsors and helping to ensure participants secure their financial futures.”
Michele Booth, vice president of defined contribution client services at Lincoln, said: “The proactive monitoring process within Lincoln Unifier eliminates issues with participant confusion, transaction delays and plan sponsor administration. The service allows participants to work directly with vendors and ensures the necessary oversight to keep the plan in compliance.”