Services/ 401(k) SERVICES - Overview
PlanWorks® is PNC Funds Institutional Service’s innovative 401(k) and retirement plan product that capitalizes on the latest technology and retirement plan research to deliver customized solutions for your business and workforce. As a strategic planning partner with your organization, we provide the expertise and flexibility your retirement plan needs to succeed.
Fiduciary Assistance
We're focused on helping plan sponsors fulfill their fiduciary responsibilities at every stage - from design and conversion to enrollment and investment policy review. Take advantage of our expert service in the following areas to help you meet fiduciary responsibilities.
- Fund selection
- Fund monitoring
- Investment policy review
- Trustee services
Investment Flexibility
With our open architecture, you can build your plan’s investment menu with funds from leading investment management companies. Your employees can select funds that suit their savings goals, timeline and risk tolerance.
- Plan sponsors choose funds from 20 fund families and 15 investment styles
- We offer lifecycle and target date funds
- All asset classes are represented in our menu
- Participants select a variety of individual funds
Plan Enhancement Options
As a strategic planning partner with your organization, PNC Funds is looking continually for innovative ways to leverage its technical resources and grow your plan as your business evolves. These optional features are examples of ways to enhance your plan.
- Self-directed account:
- A “high touch” option for more experienced investors
- Provides access to thousands of mutual funds
- Allows investment in individual stocks and bonds
- Roth 401(k):
- An opportunity for tax-free distributions at retirement
- Offers greater rollover flexibility
- Presents an opportunity for tax diversification
- Gives participants the chance to have contributions taxed at current income level
- Participant investment advice:
- Independent, third-party investment guidance
- Managed account services
- EGGTRA rollover solution
- Reduces plan sponsor fiduciary liability exposure related to investment advice
Targeted Communication
Our PlanWorks communication and education programs encourage each employee to think through their savings needs and develop a personal investment strategy. We use an empowerment theme of “the future happens now” to stress the urgency, affordability and ease of saving for retirement.
Our vivid and easy-to-understand print materials include:
- Customized plan handbooks
- Morningstar® fund fact sheets
- Educational booklets
- Employee meeting campaigns
- Multi-topic brochures
- Enrollment forms
- Opt-in enrollment cards
- Quarterly newsletters
We deliver participant education and communication in a variety of ways so we can most effectively address the many needs of your employees and the different ways they access information. Our high-impact tools and personalized resources include:
- Workplace seminars
- Web-based meetings and CD tutorials
- One-on-one consultations
- Phone consultations with independent financial planners
- Electronic articles and meeting reminders
- Easy-to-read statements
- Web site and phone access, 24 hours a day, 7 days a week
- Online tutorials and calculators
Expert Administration
PNC Funds partners with WySTAR Global Retirement Solutions (WySTAR) for recordkeeping and associated services. WySTAR is a recognized industry leader of fully-bundled defined benefit and defined contribution capabilities. It is a division of Wachovia Retirement Services, a business unit of Wachovia Bank, N.A. WySTAR provides a full-service retirement outsourcing business specializing in proprietary recordkeeping technology, daily and periodic valuation, Internet access and participant services. The firm serves nearly 6,300 retirement plans with $116 billion in assets for 2.1 million participants.
Through this relationship, PNC Funds provides you with reliable recordkeeping and reporting, exceptional data access and convenient compliance tools:
- Daily valuation
- Paperless loans
- Eligibility and Vesting tracking
- Online enrollment
- Investment policy review
- Compliance testing
- Online beneficiary capabilities
- Standard and custom reporting
- Participant auto-rebalance
- 5500 preparation
- QDRO determination
- ERISA information
- Other services
We also can share information about industry best practices to help you simplify and automate your plan operations.
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