Platform Operations Only
Spectrum Open Architecture RecordkeepingSM (SOAR) provides leading technology to employers in a 100% unbundled service environment. SOAR was specifically designed for employers who want industry leading technology to manage their benefit plans, and who wish to:
retain local service providers for certain functions, or
mix/match best of breed providers for specific services.
Under SOAR, we provide web-based technology for employers and participants to manage their accounts. However, as the SOAR platform is completely open, employers are free to retain their own consultants, investment advisors, investment managers, third party administrators, and any other plan service provider.
Individual Participant Record Keeping
Spectrum maintains individual records of account for every plan participant, contribution source, and investment fund. This includes maintenance of participant elections and changes, execution of participant directions, where applicable, and reconciliation of investment transactions. When providing Platform Operations Only, Spectrum engages with clients exclusively under a Daily Valuation Record Keeping method.
Spectrum's platform can provide user rights to plan sponsors, the plan trustee(s), participants, investment advisors, and/or TPAs. Under this platform, Spectrum maintains and updates individual participant records on a daily basis to reflect investment gains and losses, or participant/trustee/advisor initiated investment transactions. Additional features of daily valuation record keeping include:
- basic custodial, trust, and cashiering services through regulated financial institutions;
- execution and settlement of investment transactions initiated by authorized plan representatives;
- leading retirement plan technology infrastructure:
- Spectrum Advisor WebTM, a website where financial professionals can monitor plan investments and manage plan accounts;
- Spectrum Participant WebTM, a website where Plan Participants can view account summaries, initiate participant account transactions, access on-demand reports and forms, and view individual investment returns;
- Spectrum Plan Sponsor WebTM, a website where Plan Sponsors can access plan information, view reports, and securely transmit payroll or census data;
- linked brokerage windows with a wider range of investment options; and
- preparation and provision of participant fee disclosure information required of employers under ERISA Section 404(a)(5)
Participant Account Transactions
Plans may make available to participants a broad range of features and services available within their accounts. Spectrum’s services include:
- Hardship Withdrawals. Processing hardship withdrawal requests and initiating distribution of proceeds.
- In-service Distributions. Processing elective and mandated in-service distributions for participants, in accordance with plan provisions.
- Participant Loan Maintenance and Reporting. Verification of loan payments, documentation of repayment components, allocation to participants’ accounts in accordance with elections, and preparation of loan schedules for employer and trustee reporting purposes.
- Participant Loan Origination. Preparation of loan illustrations, amortization schedules, loan origination documentation, distribution of loan proceeds and instructions for loan repayments.
- QDRO Processing. Preparation of documentation in relation to Domestic Relations Orders issued by State courts in the case of marital dissolutions, including responses to orders, segregation of plan assets, and creation of spousal accounts or processing distributions.
- Rollover Contributions. Processing incoming rollover contributions, including if applicable, investment elections.
- Termination Distributions. Processing terminations, including preparation of Statements of Termination Benefits, preparation and distribution of election forms, following up to obtain elections, and processing distributions.