Trust Custody

FPS technology solutions are designed to ease the burden of compliance by managing complex tasks. Following are snapshots of the Trust Custody services we offer.

Automatic IRA Rollover

Employees change jobs more frequently than ever before. This trend results in an increasing number of employees who leave their savings behind for you to administer when they leave their company. These balances contribute to annual administrative costs, and place the burden of locating former employees on staff that should be focused on current employees who are building value to the company.

FPS offers retirement plan sponsors a simple and comprehensive plan to solve the problem of missing participants resulting from mandatory distributions and stale dated checks. We eliminate factors that create missing participants and significantly simplify administration.

We have built a no-cost, fully automated Automatic Rollover Program that will establish IRA accounts for former non-responsive former employees with qualifying balances or terminating plans with non-responsive participants. The technology automates the exchange of participant data and fully supports a paperless environment. We designed the platform to meet the needs of TPAs, recordkeepers, advisory firms and plan , while also placing an emphasis on locating participants, connecting them with their funds, and offering options for the most tax-advantaged use of their funds. 

Paying Agent

This service, offered in collaboration with Innovest Payment Solutions, gives banks, trust companies and other providers the ability to fully outsource their benefit payments, retirement distributions and other distribution processes. The technology streamlines payment processing and improves customer service with accurate and on-time distributions.

As a part of this service, FPS Trust is responsible for the accuracy and timeliness of federal and state tax payments.

A dedicated team of experts that will:
  • Integrate to your trust accounting and recordkeeping systems
  • Manage online recurring and lump sum payment processing
  • Remit federal and state tax withholding
  • File all required tax forms
  • Process and fulfill ACH, wire and check transactions
  • Perform daily reconciliation and movement of cash
  • Offer escheatment support
  • Monitor and support stale-dated check processes
In tandem with our partner Innovest Payment Solutions, FPS Trust will also:
  • Ensure data security and safety, including an SOC I Type II audit
  • Offer personalized and automated workflows, and configurable, role-based permissions that meet your specific needs
Custodial Services

We offer comprehensive Custody Services to support various retirement account types, including 403(b), 457, Health Savings Accounts and IRA (Mandatory and Voluntary), among others. Our experts in this area will manage securities settlement and pricing.

Custodial Services include:
  • Safekeeping assets
  • Settling trades
  • Collecting interest and dividend payments
  • Processing corporate actions
  • Processing wire transfers
  • Online access to account information
  • Online statements
  • Yearly SOC I Type II Reports

 

In addition, FPS provides custody services for the assets associated with self-directed retirement plans, Health Savings Accounts and administrative services such as investment execution, recordkeeping, accounting, and IRS and client reporting. We also offer Mutual Fund Custodian services, including plan administration and recordkeeping services.