SunGard Adds Redemption Fee Functionality to Relius Administration
JACKSONVILLE, FL, December 13, 2004 -– SunGard Corbel, an operating unit of SunGard (NYSE:SDS), is pleased to announce that redemption fee capabilities are now available in Version 10.0, the newest release of Relius Administration.
Trade redemption fees have recently been instituted by a number of mutual fund companies to deter short-term trading.
Relius Administration V10.0 now allows entry of redemption fee parameters, including the holding period definition, fee percentage, the transaction types subject to the hold period, and the transaction types subject to redemption fees. The posting and trade settlement processes applies the fee parameters, computes the number of shares subject to the fee calculation, and determines the redemption fees due. The redemption fees are netted from settlement proceeds. For transfers and exchanges processed in Relius Administration, the transfer buy is ordered net of any fees assessed on the sell. Additionally, participants requesting a transfer or other transactions via Participant Web or Voice Response where a redemption fee is applicable, will receive a warning informing them of potential fees.
A full audit trail of the fee calculation applied to each transaction/trade is available within the system, and a series of new Crystal reports are also distributed. The user has the option to override the rules at the plan account level if they have received a redemption fee waiver from the fund company.
"With no uniformity among fund companies or trading entities on how these fees should be charged, the system had to be designed to be very flexible," said Ken Simons, senior vice president, SunGard Corbel. "We want all our customers to have the functionality that they need to run their processes smoothly."
Additionally, a new fee transaction subtype for redemption fees has also been added to Relius for users to have the ability to enter a transaction that is specifically tagged as a redemption fee. This is the workaround for transaction types that would not normally be assessed a fee but for which the administrator needs to generate a fee (such as with a takeover where the prior year history is not available to the system to do the calculation automatically).
These redemption fee capabilities were recently released to a group of over 70 daily recordkeeping firms. "The feedback we received from this very important group was unanimous and they were very pleased that they can comply with the varying rules without adding significant processing time or labor," stated Mr. Simons. "That was positive validation of our nine month effort on this project as we continue to focus on helping our customers meet industry demands while maintaining profitability."
About SunGard Corbel SunGard Corbel Inc., an operating unit of SunGard, provides the employee benefits industry with retirement plan recordkeeping software, document generation software, all types of retirement plan documents, government forms software, plus educational seminars and services. Visit SunGard Corbel at www.sungardcorbel.com
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