NEW YORK, June 23 /PRNewswire-FirstCall/ -- AXA Financial, Inc. has announced the launch of PlanConnect(SM), a full-service third party administrator (TPA) for sponsors of 403(b) and 457(b) retirement savings plans. The new subsidiary, headquartered in Syracuse, N.Y., offers customers a new standard in retirement plan administration by delivering plan maintenance, plan compliance and common remitter services.
"Today's plan sponsors must contend with more complex administration responsibilities, and long-standing practices are clearly no longer sufficient," said Christopher M. "Kip" Condron, president and chief executive officer of AXA Financial. "We're excited to start a new business that will redefine how retirement plans are administered."
The launch of PlanConnect builds on more than 30 years of 403(b) and 457(b) experience developed by PlanConnect's sister company AXA Equitable Life Insurance Company.
"Our leadership in the retirement plan space is something we've cultivated for the past three decades," said James Shepherdson, president of Retirement Savings for AXA Equitable. "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."PlanConnect offers plan sponsors choice among three core TPA services. Connect2Maintain(SM) This service ensures that plan sponsors who manage 403(b) and 457(b) plans have access to the information and forms that reflect the latest rules and regulations from the Internal Revenue Service (IRS) and Department of Labor (DOL). Through Connect2Maintain, plan sponsors are provided:
- Plan documents or amendments, as required, due to new regulations or changes to retirement plans
- Investment provider agreements coordinated with plan providers
- All required administrative forms and a secure record-keeping repository
- Annual contribution limits, including catch-up provisions
- In-service loans and withdrawal amounts
- Contract exchanges, plan-to-plan transfers and rollovers