![]() ![]() Stahl noted key aspects as being the ability for Schwab to manage nonqualified plan documents for plan sponsors, as well as the direct income payments and W-2 income statements the firm can now administer. “We’re proud to work with Schwab Retirement Plan Services and offer Newport’s highly respected nonqualified deferred compensation expertise and services to their clients and participants,” David Musto, president and CEO of Ascensus, said in a statement. ![]() ![]() The expanded capabilities for NQ plans will include nonqualified plan administration plan design, legal, tax and accounting resources detailed plan sponsor financial reporting direct participant payments and W-2 income statement services and asset liability management, among other areas. The provider reported record attendance in its 401(k) educational sessions with participants in March, highlighting its focus on connecting directly with participants about financial management needs. Schwab Retirement Plan Services ranks as the eighth largest 401(k) provider by assets, according to PLANSPONSOR’s most recent recordkeeper survey. Many of Schwab’s clients, Stahl notes, end up having additional needs due to mergers and acquisitions that can change the make-up of their companies. Schwab has been offering NQ and DB plan services for years, but with a focus on 401(k) plans and without some of the capabilities that Conduent and Newport will add, Stahl says. … They don’t want to be using multiple providers-they want to be with one provider that can meet all of those complexities.” “We are continually getting requests from plan sponsors with complex needs that we can now serve through these partnerships. “We believe these relationships with Conduent and Newport will be a strategic accelerator for us in terms of long-term growth,” says Traci Stahl, chief operating officer of Schwab Workplace Financial Services. Schwab will remain as plan provider, with support from Conduent and Newport, and plan sponsors and participants will continue to access their DB and deferred compensation plans through Schwab’s platform. Schwab announced that it entered the relationships to expand services in the “larger segments of the retirement plan market,” with services that will start in 2024. to expand Schwab’s nonqualified deferred compensation and defined benefit plan services. All rights reserved.Schwab Retirement Plan Services, a division of Charles Schwab Corp., announced Wednesday partnerships with retirement solution providers Newport, an Ascensus LLC company, and Conduent Inc. ("Schwab RT") is engaged in developing and licensing proprietary retirement plan recordkeeping systems to independent third-party administrators. Charles Schwab Bank, SSB (Member FDIC and an Equal Housing Lender) and Charles Schwab Trust Bank (Member FDIC) provides trust, custody, deposit, and lending products and services. Through its operating subsidiaries, The Charles Schwab Corporation ("Charles Schwab") provides a full range of securities brokerage, banking, money management, and financial advisory services, as well as services to retirement and other benefit plans. Schwab Retirement Plan Services, Inc., and Charles Schwab & Co., Inc. ("Schwab", member SIPC) are separate but affiliated entities, and each is a subsidiary of The Charles Schwab Corporation. Schwab Designated Brokerages Services, a division of Charles Schwab & Co., Inc., provides technology solutions for corporate clients with regulatory requirements to monitor employee security transactions. providing equity compensation plan services and brokerage solutions for corporate clients. Schwab Stock Plan Services is a division of Charles Schwab & Co., Inc. Schwab Retirement Plan Services, Inc., provides recordkeeping and related services with respect to retirement plans. Schwab Stock Plan Services and Designated Brokerage Services. ![]() Workplace Financial Services is a business enterprise which offers products and services through Schwab Retirement Plan Services, Inc. ![]()
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