|New York, February 6, 2012– Access Control Advantage (ACA) is pleased to announce that it has signed a new patent and software licensing agreement for it’s automated loan administration application with another well established recordkeeper, adding to it’s growing list of relationships with visionary providers to HR professionals and sponsors of defined contribution plans.ACA’s patented solution eases the burden of retirement loan processing for plan sponsors and recordkeepers while providing a better loan solution for plan participants. Specifically, ACA can lower plan administration costs, reduce participant borrowing, eliminate loan repayment with payroll processing, enable faster loan repayment, keep more assets in retirement plans and encourage employee participation. ACA also provides participants that separate from their employer the ability to pay their loan over the original term which eliminates the risk of a deemed distribution, tax implications and penalties.
“We have been creating value for the defined contribution industry and plan participants for several years now. With ACA, we have found that loan balances are on average 25% lower than traditional retirement loans because participants borrow only what they need when they need it. In addition, 30% of ACA loan repayments are higher than the minimum required,” said Bruce Bent II, president and CEO of ACA.
Existing ACA licensees have described it’s patented DC loan process and software as “a win-win for employers and employees because it reduces overhead and compliance risks for the company owner, while providing maximum payment flexibility for the employee.” ACA is available directly to recordkeepers or via licensed providers such as Benefit Plan Administrators at www.myplanloan.com.
ACA can be effectively integrated with any recordkeeping platform, including Sungard Relius and Sungard Omni. Plan sponsors and HR professionals are encouraged to ask their recordkeeper about ACA and visit our web site at www.acaonline.com.
Access Control Advantage, Inc. is an affiliate of Double Rock Corporation (www.doublerockcorp.com). Double Rock is a financial technologies company providing the industry’s most innovative cash management and cash-related solutions to the broker-dealer, banking, qualified plan and retail direct space. Through its subsidiary Island Intellectual Property LLC, Double Rock Corporation has more than ten years’ experience in successful patent licensing and patent enforcement. Island IP holds and manages patents, software and other intellectual property and currently has more than twenty patents and other patents pending.