In developing the Plan Administration platform, BFP recognized that it could not be effective if rigidly designed. Of course, the basics had to be there: consistent, accurate calculations and industry standard reporting. But, to serve the needs of multiple clients, the platform had to be agile and easily adaptable.
Using SkyComp's modular "building block" approach to programming, BFP developed its non-qualified Plan Administration platform to be rapidly scalable to support a myriad of custom plan designs in a cost-efficient and process-efficient way.
Custom Plan DesignThe collection and exchanging of files, including deferral, payment and enrollment, is flexible and adaptable. Multiple file formats and delivery methods are supported.
BFP has a highly customizable online enrollment process to meet the needs of thousands of plan participants. Customized enrollments allow participants to select from multiple deferral sources, choose investment allocations and set up payment scenarios in multiple configurations.
To provide flexibility and ease of reporting, contributions are recorded in subaccounts with assigned attributes such as plan year, contribution source, contributor type and federal rule set. Based on reporting needs, subaccounts are then grouped together for reporting and processing in ways that are relevant to the plans BFP administers. Several individual subaccounts can be grouped together based on their assigned attributes to provide balance information for multiple purposes including payment processing and 409A reporting.
No matter how unique or complex your plan, SkyComp can be customized to meet your specifications.