Charles Schwab, a provider of financial services, has introduced a new co-sourced stock plan administration offer for corporate stock plan administrators seeking to outsource specific functions to manage their company’s stock plan.
Reportedly, the new offer enables stock plan administrators to shift the management of certain plan functions to Schwab, including core plan recordkeeping and reconciliation of stock plan activity; report generation, scheduling and distribution; and plan participant statements and confirmations.
According to the company, the Schwab co-sourced stock plan administration offers web-based tools, and consultative guidance, including: support for some or all aspects of stock plan administration, as well as various grant types including stock options, restricted stock, performance shares, stock appreciation rights and employee stock purchase plans (ESPPs).
It has added that reporting tools and capabilities available to plan administrators through Schwab’s co-sourced stock plan administration offer includes: daily plan activity reports including transactions, cancellations and grants; SEC Proxy and FAS 123(R) reports; and automated quarterly participant statements mailed to participants including all equity grants and ESPP share balances and activity.
Crispin Hanshaw, a managing director in Charles Schwab’s stock plan services division, said: “We have introduced co-sourced stock plan administration to meet a growing need for efficiency, lower costs, and reduction in workload without ceding in-house control of stock plan administration. Outsourcing certain aspects of stock plan administration can be part of a company’s long-term strategy to more effectively handle the demands of both routine as well as non-scheduled events. This gives a stock plan sponsor the ability to improve efficiency by offloading time-consuming tasks to Schwab, freeing up more time to focus on other important projects.”
