Plan Administration

AGILITY to Fit Your Specific Needs

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 Design
The Plan Administration platform allows maximum plan design flexibility by supporting:

  • An unlimited range of investment options – publicly-traded, privately-managed, business-owned life insurance (BOLI) funds and interest crediting rates
  • More than 3,000 custom subaccounts maintained at the most granular level, then grouped together in any combination to facilitate reporting and administration
  • Application of 409A rules to specific portions of the plan balance
  • Multiple cliff and step vesting schedules within a plan, including unequal and delayed start schedules
  • Recording of ALL payout scenarios relevant to the plan design, so each payment scenario applicable to the participant's election or employment status is recorded and viewable by the participant and the sponsor

The 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.

With SkyComp, we have the ability to set up basic plan functionality from a library of common data elements. Additional building blocks are then added to support the complexities of your plan design.

No matter how unique or complex your plan, SkyComp can be customized to meet your specifications.