Washington update - June 6, 2014

Here is some Schwab RT feedback from Schwab RT Clients

On Schwab’s RT’s Online Loan Management Features:

  •  “When Schwab’s online loans became available, we put them into place for 100% of our clients. About 400 of our clients have loans. The impact on our side has been quite substantial for saving time in our processing department. We’ve been averaging about 130 loans per month since we put it into place six months ago. It’s saved our processing team an average of 20 hours per month and that time savings has allowed that team to find other operating efficiencies and take on more responsibilities. It has been very efficient on all sides because now clients can go to the dashboard and see the status of their existing loans, see new loans, and all related loan information, with paper no longer passing between us and the clients. All in all it’s been very positive for us and for the clients.”

  • Brian Anderson, Manager of Product Support, Retirement Alliance

On Schwab’s RT’s Payroll Automation and Consulting Services:

  • “We moved to the new payroll automation workflow as soon as it was available and we’ve had no problems at all. We use the single sign-on Notice of Deposit feature with Schwab Bank so we no longer have to use the Schwab Retirement Center website to complete that task. We had a Schwab consultant come to our office to review our payroll process and we gained huge efficiencies. We could probably take on another 200 customers without adding any staff.  So I would highly recommend Schwab’s consulting services.”

  • Anita Megyesi, Vice President of Daily Operations, Alliance Benefit Group of Illinois

  • “We’ve used Schwab’s Payroll validation workflow since it came out. We were really excited when Schwab let us know that they were adding the employer match calculation step into the workflow. The new payroll validation workflow allowed us to further streamline our processes and train our clients to upload their own payrolls. We went from uploading about 600 payrolls a month and now upload only about 100 payrolls each month  –  so about 85% of our clients are uploading their own payrolls with the employer contributions being calculated, and submitting their own Notice of Deposits. What that means for us is we went from two fulltime payroll processors to one person who spends 75% of their time uploading payrolls and the rest is spent training our clients and monitoring the SchARP dashboard, which takes  a brief amount of time each day.  Our clients now have the confidence to control their own payrolls and Notice of Deposits, with more security since data is going straight from their internal system directly into SchARP. One of the features we’ve gotten a lot of positive feedback on is the option to enforce IRS limits during payroll processing. We put it into place for 100% of our clients. Just last week we had several clients who were reaching 402g limits and they were very appreciative of reports generated through the workflow that warned them to reduce their contributions by a specific amount for the next payroll. We find that we’re able to correct a lot of potential contribution issues on the front end, using the validation screen, before they occur, as opposed to correcting them on the back end. We let the clients do the validation steps themselves. In the rare instance that someone has a problem with a validation error, we allow them to submit to us for review. Overall the response has been really great. What this has forced our clients to do is to give us data each pay period in the format that we would like it to be in. With this, at year end we have only to verify the census data as opposed to correcting all of the errors ourselves. It’s been very easy to walk them through how to fix different issues so they can see what they need to do going forward.”

  • Sheri Medlin, Operations, MVP Plan Administrators, Inc.

On Schwab’s RT’s Enhanced Transfer Web page, Allowing Multiple Transfer Requests in One Step:

  • With Schwab’s many-to-many fund transfer feature for the participant website, we didn’t even have to do any kind of training for our clients. It’s just really easy to use—anybody can do it. It’s a no-brainer!”

  • Nathan Schnitman, President, Schnitman Group

  • “The multiple transfer feature was requested by many of our clients and participants. As soon as Schwab released it, we turned it on across the board and it’s been very well received. Participants understand the layout of the page and have been very successful with its use.”

  • Dan Brenner, President, Retirement Direct


To learn more about Schwab RT’s products and services:

  • Discover how Schwab RT’s payroll workflow can help recordkeepers ensure that their plan sponsors’ payrolls are processed quickly and accurately.

  • Read Schwab RT’s current Product Newsletter to learn about ongoing initiatives to improve the operational efficiency and user experience of their clients, as well as a summary of new features released this year.

  • Need help with implementing new features or reviewing how your business runs? To learn more about Schwab RT’s consulting services, contact Client Services at 800-752-9029.