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.
