Administer IRAs and HSAs More Efficiently With Fewer Errors

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You are likely well aware of the challenges that come with operating an IRA or health savings account (HSA) program. Most challenges stem from keeping these accounts in compliance while performing the following administrative functions.

  • Opening a new account
  • Processing contributions
  • Processing withdrawals
  • Completing proper reporting

How can you eliminate the challenges and administer IRAs and HSAs with accuracy and efficiency? By using the Ascensus® Fully-Administered Program. Proven to reduce errors, ensure compliance, and improve efficiencies, this solution will streamline your processes and lower your risk of noncompliance, thereby greatly enhancing your IRA or HSA business.

Built-In Compliance Reduces Errors

Have you found that your organization is spending too much time processing common IRA and HSA transactions—with too high of an error rate? Or that while processing Forms 1099 and 5498 reporting, many of the errors that occur require time-consuming corrections? The liability for your organization that results from these errors can be significant, as the IRS will fine organizations for late, missing, or incorrect forms.

With built-in regulatory compliance logic, the Fully-Administered Program helps ensure the accuracy of each transaction and tax reporting form, preventing errors and saving your organization time and money.

Form and Document Updates Are Automatic

Your organization is not only responsible for properly executing IRA and HSA transactions, but also is responsible for keeping its forms up to date and amending its IRA or HSA documents when required. With new regulations and legislative changes always in the works, the need to update your forms and documents may seem never-ending. The Fully-Administered Program removes this ongoing burden, as forms and documents are automatically updated to the program.

Knowledge and Expertise Is Included

Are you wondering how you will replace the IRA expert at your organization? Perhaps sustaining IRA expertise is a challenge. On top of keeping paperwork up to date and completing it timely and accurately, keeping your staff up to date on IRA and HSA knowledge can be difficult. But with the full-service support of the Fully-Administered Program, your organization will have access to ERISA retirement and health savings experts who are ready to answer any of your IRA or HSA regulatory questions. It’s like having a team of seasoned professionals on staff at all times.

In addition, the program will handle required minimum distribution calculations and mailings, withholding notice mailings, and beneficiary claims processing—tasks that can be complicated and time-consuming for any IRA professional.

Eliminate the Challenges

Just discussed were some of the common challenges financial organizations face when maintaining IRAs and HSAs. You likely have others. All are worth addressing, as IRAs and HSAs help your organization stay competitive in the marketplace. The Fully-Administered Program can help alleviate each one so that you can run a more efficient, compliant, cost-effective, and successful IRA or HSA business.

Learn more about Ascensus’ Fully-Administered Program.