Review on Defined Contribution / 401(k) System by Dwayne Calhoun
DCC is an easy to use tool for tracking employee retirement savings
The ability to create multiple accounts for different departments within our organization, allowing us to track retirement savings separately from other corporate funds in order to meet compliance requirements with ERISA regulations. I wish there was an option to have separate contributions made by each department rather than having them lumped together. This would allow you to more easily identify which employees are contributing towards their own plan versus those who contribute into another's account. We also had some issues with this product not being able to handle large numbers or complex formulas when calculating certain variables (such as age). If your business has many people working at various job levels within it then using DCC can help get everyone up-to-date regarding contribution amounts they should be making. Our staff doesn't receive any form of communication about how much money we're saving toward retirement so if something goes wrong,.
- The fact that we were able to group our employees in various departments and track contributions separately from the main company account allowed us to meet certain compliance requirements
- The inability to add custom formulas into the program for calculating certain variables (such as age) that would have helped streamline contribution calculations
