SunGard has released a new online tax calculation service for benefit administrators requiring federal and state tax withholding support for qualified and non-qualified pension, 401(k), 403(b), SEP, Simple and individual retirement account (IRA) plan distributions. As the latest of a series of wealth management solutions delivered on-demand in a software-as-a-service (SaaS) environment via SunGard’s Infinity storefront, SunGard’s Omni Tax Calculator helps to provide improved efficiency, fast implementation and automatic updates to tax withholding tables.
Retirement plan administrators and financial institutions making distributions on retirement plan accounts need a simple and accurate way of calculating withholding taxes on pension distributions. The company says that the calculator provides a fast and efficient method of accessing current withholding tax tables via data entry or system-to-system connectivity for numerous distribution transactions. As a SaaS solution delivered on a ‘pay as you go’ basis, Omni Tax Calculator provides customers with automatic changes to federal and state tax withholding tables every time the government updates them, as well as updates to software functionality. It helps administrators reduce manual processes and avoid the cost of additional hardware or technical expertise to maintain the system, scales automatically to usage volume and activity and provides faster and more reliable service to their clients.
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