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Defined Contribution Processing System

SSI's Defined Contribution System administers the individual participant accounts of any type of Defined Contribution Fund. It is able to track all transactions for any employer/employee contributory type accounts such as Annuity Funds, 401K’s, Vacation, Holiday, Supplemental Benefit Plans or Payroll Savings Plans. It offers full support for loan issuance and repayment.


  • The user may define separate "pools" or "funds" and allocate account transactions among these various pools

  • Handles multiple types of transactions, including employer contributions, employee contributions, voluntary contributions, rollover distributions, interest, forfeitures, administrative expenses, loans and repayments, and disbursements, as well as transfers among the user-defined "pools"

  • Supports data feeds to (and from) outside providers that provide self-directed 401K and annuity services, e.g., Prudential, Mass Mutual, Putnam and New York Life

  • Account Valuation
    Yield calculations are computed on either the beginning balance or some form of average balance for the period being evaluated. Yield can be entered as a fixed percentage to be applied to the balance, or as a fund wide dollar return which the system will allocate on a pro-rated basis. The administrative fee can be a percent, or a reduction of yield to obtain a net yield, or a fixed amount.

  • Forfeitures are built into the system according to any plan rules that dictate the forfeiture of any or all of a particpant’s balance.

  • Prints Account Statements for all participants or for selected participants


    • The statement content is custom for each client

    • Includes yield or administrative expense, if appropriate

  • Account Master Report


    • Can be printed for any period

    • Shows for each employee, the beginning balance, all activity, and the ending balance

    • Grand totals for all accounts are also provided

    • Option to select individuals for whom no contribution was received for a specified period and other special functions

  • Links to an integrated imaging system to retrieve relevant documents, such as distribution request documentation



  • Disbursements

  • The user designates whether each participant will receive a lump sum, monthly, quarterly, semi-annual or annual disbursements.

  • The system supports rollovers to another qualified account. If a distribution is not being rolled over, a minimum 20% withholding is imposed.

  • The user may enter manual and void checks as needed, or request a void with a reissue of the check.

  • Complete check register, including the manual and voided checks

  • The system also supports “positive pay” reporting to the Fund’s bank to protect the Fund from fraud

  • Based upon plan rules the Fund can process disbursement payments for members whose balance is less than a user-defined minimum, subject to user override, to clear out small accounts.


  • Tax Reporting


    • Produces W-2 and 1099R forms as needed

    • Prepare electronic files for submission to the IRS. SSI is an authorized combined filer for the IRS

  • Schedule SSA report for those employees with no contributions for two years running, who have received no benefits.

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