Tracking and processing distributions are made easy in PensionPro. The distribution module enables users to track and expedite the initiation and processing of distributions and loans within your firm. Distributions and loan requests are initiated by the TPA in PensionPro. Plan Sponsors are able to send and receive files via Secure File Exchange or PlanSponsorlink. Distribution fees are populated during the processing of the distribution to make billing more efficient. In order to successfully utilize the distribution module, users must first set up Distribution Fees, maintain Distribution Preferences, enable Distributions for a plan, and finally launch a distribution project template.
Tier Availability: Essential, Premium, Business
Add-On Availability: Distributions, PlanSponsorLink
Security Rights Required: Add/Edit Projects
- Add Distribution Templates
- Add Distribution Fees
- Modify Distribution Preferences
- Enable Distributions for a Plan
- Add a Distribution
- Frequently Asked Questions
Add Distribution Templates
Just like any other project, a Distribution template needs to be set up. The distribution template can be organized in such a way that it tailors to a firm's specific structure and procedures. Users need to import or create distribution templates. Sample Distribution Templates can be found here to serve as a building block to use. It is recommended that users edit the information within these templates prior to using as a launched distribution project.
Add Distribution Fees
A default Fee Schedule must first be set up in the system in order for the Distribution Module to function. Multiple Fee Schedules can be added making the process flexible. For instance, users can create multiple schedules to allow for different distribution fees across various investment providers. The Add/Edit Fee Schedule security right is required to add and edit fee schedules. Fee Schedules can be accessed by clicking Maintenance > Preferences > PensionPro and selecting the Fee Schedule Tab.
Any active Fee Schedule templates will show in the Template dropdown menu.
Creating a Fee Schedule
- From the Applications menu, click on Maintenance > Preferences > PensionPro and click on the Fee Schedule tab.
- Click on the Add button next to the Template field and enter a Template name in the Add/Edit Template pop-up menu.
- Click on the Add button on the right and complete the information in the Add/Edit Fee Schedule Menu pop-up menu. Fee Type, Fee Amount Type, Fee Frequency, Fee Payor, Fee Payment Source, and Category are all list values. Click Save.
Editing/Copying/Deleting a Fee Schedule and Fee Schedule Items
From the Applications menu, click on Maintenance > Preferences > PensionPro and click on the Fee Schedule tab.
- To edit the Template name click on the Edit button and edit the Name in the Add/Edit Template pop-up menu.
- To copy the Template click on the Copy button and add a new Name in the Add/Edit Template pop-up menu. The Template and the Default Fee Schedule Items will be copied.
- To edit the Default Fee Schedule Items highlight the item and click on the Edit button. Edit the information in the Add/Edit Fee Schedule Item menu. Fee Type, Fee Amount Type, Fee Frequency, Fee Payor, Fee Payment Source, and Category are all list values. Click Save.
- To delete the Default Fee Schedule Items highlight the item and click on the Delete button. A Delete Fee Schedule Item pop-up menu will appear asking "Do you want to delete this fee schedule item? Yes No"
Distribution Fee Schedules can be a one item template if needed.
Modify Distribution Preferences
Distributions are customizable within PensionPro to match the process that works best for the user's firm and employees. Maintaining these preferences will ensure the distribution process works in the way the user needs it too. The Maintenance security right is required to make changes to any Distribution Preferences. Distribution Preferences can be found by clicking Maintenance > Preferences > Distribution. For more information on Distribution Preferences, please review Maintaining Distribution Preferences.
The General tab enables preferences for fee schedule defaults and general emails sent to clients pertaining to distribution. It is required that an active fee schedule is set up in PensionPro prior to launching a distribution project. Editing the information will ensure any fees your firm changes for distribution work is included with the appropriate project. To build a Fee template, click Maintenance > Preferences > PensionPro and select the Fee Schedule tab. Completed Distributions can be locked for editing once completed by toggling the Lock Completed Distribution field. Once a Distribution project is completed, users cannot edit the distribution. To lock completed distributions, click the Edit button and select 'Yes' for the Lock Completed Distribution field.
Field Names Tab
The Field Names tab controls the Field Name, Display Name, and Description of all fields available on the distribution tab within the distribution project. PensionPro provides default settings for all the fields displayed. Users can modify these settings by clicking on the Edit button. The Display Name will be what the Plan Sponsor will see when filling out the Distribution tab of the Distribution project.
Field Setup Tab
Field Setup allows the user to modify system settings for Fields displayed on the Distribution tab for each distribution "Reason". Users can modify the field set up by Distribution Reason (ex// Termination, Loan, Hardship, In-Service, etc.) to ensure that only certain fields are displayed and required to be completed by the Plan Sponsor according to the Distribution Reason used. To modify settings, select the Distribution Reason from the Display Name dropdown and then click on the Edit button. Modify the settings by checking the box of the field to be displayed and/or be required to contain data in PensionPro.
Note: Distribution Reasons listed in the Distribution Preferences are currently hard-coded and cannot be deleted nor can additional Distribution Reasons be added.
Association Rules Tab
The Association Rules tab enables the user to select Defaults for a Distribution template and fee item by Distribution Reason for ease in project launching. Creating an Association Rule links a Distribution project template, fee, and field list to be used with a selected group of plan types and Distribution Reason in conjunction with one another. To add a new Rule, click the Add button. This will launch the Add Associations Rule screen, enter a Name for the Rule, the default Template, Fee Name and Field List for Reason(s) and Plan Type(s) combinations selected in the screen below. To edit an existing rule, single click on the rule and then click the Edit button.
Enable Distributions for a Plan
In order to process a Distribution for a plan, Distributions must first be enabled for that plan. To enable Distributions for a plan, follow the steps below.
- Browse to the General Plan Information screen for the particular plan. Click the Edit button. A slider will appear.
- At the bottom of the slider, check the box for Distributions Enabled.
- Unchecking the box will disable Distributions for the plan.
- Click Save.
Next, users must make sure the Internal Plan field on the Plan Details > Home > General tab is marked as "No." Internal Plans will not display the Plan Details > Workflow > Distributions tab.
Note: At this time, there is not a way to mark a completed distribution so that it doesn't show up on PSL. The only way for the Distribution to not appear would be to delete it or complete it. To delete it, override the tasks to complete the Distribution project.
Add a Distribution
Users can add a distribution via clicking Data > Distributions > Add a Distribution. Similarly, distributions can be added by browsing to the Workflow tab of a particular plan, selecting the Distributions sub-tab and clicking the Add button. When the Add Distribution slider appears, the user should enter the following items in order to begin processing the distribution.
- Plan: Enter the Plan Name the distribution is being created for.
- Reason: Select the reason for the distribution.
- Only one Distribution Reason can be selected.
- Reasons cannot be added and edited.
- The Distribution Fields and Field Names displayed based on the Reason chosen can be edited in Distribution Preferences as described in Maintaining Distribution Preferences.
- Users can choose which fields are displayed and edit the field display names that appear on the Distribution > Information tab of the launched distribution project.
- SSN: Enter the Social Security Number of the individual the distribution is for.
- If the participant's SSN is already entered in PensionPro, click the Magnifying Glass button to find the Participant's name. The First Name and Last Name fields will auto-populate.
- First Name: Enter the first name of the individual the distribution is for.
- Last Name: Enter the last name of the individual the distribution is for.
- Template: The Distribution Project template to be used to complete the distribution processing will automatically populate depending on the Reason that was entered previously.
- Fee Item: The appropriate Fee automatically fills in depending on the Reason that was previously entered.
- Click Save when complete.
Once the Distribution is saved, the Distribution Project is launched and the first Project Task is now active.
Note: Due to each Distribution requiring a Contact's first and last name and their SSN, the system does not allow multiple Distribution projects to be launched at once.
Incorporating Investment Providers: It is important to know that Investment Provider information is no longer required for the Distribution Module to operate. If users have Investment Providers listed on the Plan Details > Home > Investments tab, those providers will appear in the Providers dropdown menu when adding a Distribution. Should users mark Investment Provider as a required field when organizing their Field Setup, a provider must be selected in the Provider dropdown.
Contact Website Rights: Contacts can be granted the Distribution Website Right. Although optional, this right should be enabled if a distribution contact should have the ability to view the status of a distribution and any files or notes that have been posted to it on PlanSponsorLink. Users can utilize the Website Rights Power Tool to add the Distribution Website Right to multiple Plan Contacts at once.
Distribution Files: Distribution Files can be sent to a contact by navigating to the Distribution Files tab of the launched Distribution template and clicking the Add button. A slider will appear. Clicking "Show On PSL" will post the file on PlanSponsorLink where a contact with the Distribution website right can see it.
Distribution Emails: On a Distribution Project, users can click the Distribution tab > Information subtab and click the Mail button located to the right of the grid to send a Distribution Email to a designated Distribution Contact. Clicking the button will open a Send Interaction window. Users can edit the subject and body of the email and click send. This will send the email to the designated distribution contact and create an interaction record on the Plan Details > Interactions tab as well as the Contact Details > Interactions tab of the contact the email was sent to.
Users can control the designated Distribution Contact as well as the default subject and body by clicking Maintenance > Preferences > Distributions and updating the General Distribution Preferences. For more information, please review Maintaining Distribution Preferences.
Frequently Asked Questions
- How can I add more Distribution Reasons to the system?
- Distribution Reasons listed in the Distribution Preferences and chosen when launching a distribution are currently hard-coded and cannot be deleted nor can new Distribution Reasons be added.
- I Launched a Distribution with the Participant's name entered incorrectly. Can I update their Name?
- Users can click on the Distribution Project's Distribution > Information tab and click the Edit button to update the Participant's name. If the Distribution Project is a "Non-Recurring" frequency, the user can click the Project Summary tab and click the Edit button to change the Project Description to correct how the user's name appears there.
- Can I search for completed Distributions in PensionPro?
- When searching for Distributions using the Search function, users can toggle whether to include inactive plans or completed distributions. To include completed distributions in search results, click the Search tab, click the gear button on the Distributions search results menu and check the box for "Include completed distributions."
- Is there a way to abort a Distribution Project?
- Users can mark the Distribution Project for deletion and then delete it in the Data Deletion menu. The other option is to override the remaining project tasks to mark the project as completed. Users will need the Task Override security right to do so. Users can also click on the Distribution Project's Distribution > Information tab and change the Distribution Status field to "Aborted." Please note that if changing the Distribution Status, users may need to update fields that are required under the Field Setup in Distribution Preferences. Users may need to complete these fields or change the Distribution Preferences.
- Why isn't the correct project launching when I select the distribution reason when adding a distribution project?
- First, check the distribution Association Rules in Maintenance > Preferences > Distribution and confirm the plan type, template and distribution reasons expected in the launched project match an Association Rule. The system will use the template referenced in the Association Rule which specifically lists the plan type in that rule should multiple Association Rules exist, referencing the same distribution Reason.
- Can Distributions be imported into PensionPro?
- Distributions cannot be imported at this time.
- Is there a way to display the participant name for Distributions on the Dashboard?
- On the My Tasks Dashboard users can click the Options button and include the "Project Description" in the Selected Columns. Click Save as Custom at the bottom of the pop-up window and confirm that Custom-Default is set in the default dropdown at the top of the pop-up window. The "Project Description" field will display the Participant Name for Distribution Projects on the Dashboard.