Compliance Coordinator will aggregate data from multiple vendors to help prevent non-compliant transactions before they occur and enable plan providers to verify compliance.
Compliance Coordinator was conceived by TIAA-CREF, which selected Advent to develop and operate the service. TIAA-CREF chose Advent to build and manage Compliance Coordinator because of the companyâs proven success with AdventÂ® Custodial Data, which collects, consolidates and electronically delivers secure, standardized custodial data from more than 470 custodians to over 3,000 investment firms. Compliance Coordinator will adapt Adventâs custodial data infrastructure to help solve the data challenge posed by the new 403(b) regulatory standards regarding IRS loan limits and hardship withdrawal regulations.
Adventâs service will pool data from all approved plan vendors, and will allow plan administrators to monitor loan or withdrawal requests from plan participants before approving such transactions. Each approved plan vendor will have access to aggregate data for participants within the plan, but will not be able to access account-specific data from other vendorsâ clients. Data will be transferred to Adventâs independent network on both a monthly and a daily basis.
âThe new 403(b) regulations, which go into effect January 1, 2009, require plan administrators to be vigilant about non-compliant transactions, and could easily increase the workload associated with running retirement plans,â said Ed Van Dolsen, Executive Vice President, Institutional Client Services, TIAA-CREF. âWe chose Advent because of their track record of innovation and responsiveness, and their demonstrated ability to engage quickly to solve such a high-value problem. TIAA-CREF is pleased to offer plan sponsors this powerful new service, and we are confident that Advent is the right partner to deliver the quality and expertise we can rely on.â
âWe look forward to leveraging our expertise and our proven custodial data infrastructure to tackle the crucial data challenges facing the 403(b) market,â said Will Clemens, Vice President and General Manager of Adventâs Straight-Through Processing Group. âAdvent is very excited to partner with TIAA-CREF to help provide a solution to this key industry issue.â