Birmingham, AL (Vocus) April 7, 2010
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. SunGard’s Omni Tax 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.
Kevin Rafferty, president of SunGard’s wealth management business, said, “SunGard is committed to continued investment in the benefit administration space in order to provide innovative, Web-based solutions to help businesses manage pension recordkeeping and administration. Omni Tax Calculator provides an intuitive and simple way for customers to get the software they need quickly and easily without the need for additional hardware and IT staff.”
*] SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components creating SaaS solutions. Infinity uses SunGard's Infinity Application Framework (IAF), a service-oriented architecture (SOA) development framework, its business process management (BPM) platform and a virtualized, software-as-a-service (SaaS) infrastructure to form a new software development and on-demand delivery environment.
About SunGard’s Omni
An integrated suite of solutions for retirement plan administration, SunGard’s Omni helps mid to large providers launch and maintain retirement products and services customized to their client needs. Administrators use Omni to manage the recordkeeping, trading and reconciliation, check writing and benefit disbursement processes of defined contribution, defined benefit and other contributory schemes worldwide.
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and IT services company.
Trademark Information: SunGard, the SunGard logo and Omni are trademarks or registered trademarks of SunGard Data Systems, Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.