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Access Control Advantage (ACA) is complete defined contribution plan loan automation, 401k loan program for Recordkeepers and Plan Sponsors. ACA’s patented and automated solution eases the burden of DC plan loan processing for Plan Sponsors while providing a better loan solution for Plan Participants.
Why ACA
Time for loan processing to evolve
When employee retirement plan loans first became available, there were numerous concerns:
- For Recordkeepers, loan processing is cumbersome because it is manual and time-consuming, thus increasing workload and creating unprofitable tasks that hinder the Recordkeeper’s ability to focus on business-building initiatives.
- Plan Sponsors had concerns that traditional loan processing meant higher administrative costs due to inefficient payroll adjustments with a typical manual payroll deduction process. And with traditional loan processing, the entire loan amount leaves the plan immediately, reducing both assets under management and employee savings.
- The number of Plan Participants requesting loans against their retirement savings is increasing. Today, more than 20% of Plan Participants have a defined contribution loan. This means that, without improvement to the loan processing administration, Recordkeepers and Plan Sponsors will be faced with increased workload, higher administration costs and less time to perform other more important tasks. In addition, Plan Participants will continue to lose out on valuable benefits.
ACA is an innovative, breakthrough solution that benefits everyone – and changes the way retirement loans are processed forever.
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