MIMICS IRA Management System Overview
MIMICS IRA Management System allows financial organizations, corporations, and fund managers to track employee Individual Retirement Accounts, payroll contributions, withdrawals, lump sum payments, and fund investments. Contributions may be imported directly from a payroll system to minimize manual entries by the users. The system interfaces with the MIMICS Portfolio Management System to track the returns on the investments made for the IRA. Because the system is parameter-driven, it can be set up in compliance with any country’s regulations and requirements. Various reports and forms may be generated by the system such as an IRA Statement (disclosing investment allocation and return history), History Reports and the Holdings Reports.
MIMICS IRA Management System is a system that can manage an unlimited number of IRA accounts. The system can run on a multi-user Windows network. It can be set up with specific country parameters such as the documentations required, investor restrictions, or licensing requirements. The system maintains each account holder’s enrollment information, plan association, contribution tracking, and beneficiary and dependent data. The user defined vesting schedule allows for flexibility in the investment of contributions by both the employee and employer.
Information is maintained for the investor’s status (e.g. active investor, retired, etc.). Full mailing address, including alternate addresses, payee address, and several more are used for communications with the investor.
Nationality and country of residence are maintained. Dates such as the date the investor entered the IRA plan, the investor’s birth date, and retirement or disability date are saved. The investor can have any number or type of beneficiaries. Payments can be made to beneficiaries if authorized.
All contributions, whether mandatory or voluntary are recorded. Interest can be calculated on contributions or values can be set by NAV/Share.
Lump Sum Payments
Payments (with different tax consequences depending on the investor’s age) to investors, beneficiaries, or other authorized persons can be made by check or ACH. Lump Sum payments may be printed on pre-printed check stock or blank check stock. The system can print the micr encoding. The system calculates lump-sum payments for verification of auditor’s figures. All data is encrypted.
The appropriate taxes are calculated on Lump Sum Payments based upon the age of the investor.
All of the parameters required by the plan are set up by the user. This includes early, normal, and late retirement ages; maximum number and amounts of contributions by the investor and/or the employer; whether or not payments are made for disability or illness; and frequency and limitations of lump sum payments. The system manages all of the parties to the plans; their license or certification numbers if required; and vesting information.
Several categories of documents are maintained by the system. Documents required by the government are managed. Reminders are provided for filing requirements.
Documents required by the investor are maintained in a similar manner. In addition, documentation required by the user, such as proof of citizenship, is maintained by the system.
A complaint register is maintained for logging all complaints and for recording all complaint resolutions.
The user can run what-if scenarios for situations such as plan requirement due to early retirements and other questions.
In conjunction with the MIMICS Portfolio System, the system can optionally manage all of the securities in the IRA portfolio including equities, fixed income securities, and the derivatives of each.
The Administrator can define and manage user permissions and access levels. All data is encrypted.
All MIMICS Systems have a web-enabled option to allow investors or managers to print and download reports and forms via a web browser. Please visit our MIMICS Web Interfaces page for more information.
If you would like more information about our products and services, please fill out our online request form.