Confused about the difference between a Client and a Company in PensionPro? This article aims to provide a brief definition for the terminology used by PensionPro, both in-application and throughout our resources.
Table of Contents
- General
- PensionPro Features
- PensionPro Setup & Maintenance
- Plans
- Projects
- PlanSponsorLink
- SalesPitch
General
| Client | A Company who has hired the Firm to administer one or more Plans. Each Client in PensionPro is linked to a Company, although not all Companies are Clients. |
| Company | Any enterprise, group, or organization which is known to the Firm. |
| Contact |
Any person who is known to the Firm. |
| Employee | A member of the Firm; specifically, a PensionPro user. Each Employee is also considered a Contact. |
| Firm | The business or organization that has purchased PensionPro. |
| Location |
A subsection of the Firm (such as a single office). |
| Plan | Any retirement or other savings/investment plan. Each Plan is attributed to one Client, although a Client may possess multiple Plans. |
| Project | A series of Tasks that tracks a Firm's process and workflow in the administration of a Plan. |
PensionPro Features
| Blast Email |
An email that is sent to any number of Contacts from a customizable template. |
| Communication List |
A customized list of Contacts to facilitate sending a Blast Email to an otherwise disparate list of recipients. |
| Dashboard |
A PensionPro page that shows at-a-glance information relevant to the user. There are a number of Dashboards, although the default is commonly the My Tasks Dashboard. |
| Event |
A designation added to a Task to provide an at-a-glance view of the progress of multiple Projects toward completion. |
| Fetch |
A feature that allows the construction of customized reports using PensionPro data. |
| Interaction |
A record of a communication between the Firm and a Contact. |
| Merge Document |
A document file containing Merge Fields that is used to populate Plan-specific information. |
| Merge Field |
A field that serves as a "variable" in areas such as Blast Email and Merge Documents. This field will automatically pull in relevant information, such as the name of a Plan or Contact. |
| PlanSponsorLink (PSL) |
A web-based portal that facilitates data sharing between the Firm and a Contact. |
| Power Tool |
One of a variety of features designed to perform an action across many PensionPro records. |
| To-Do |
A one-off action that must be completed but does not require the creation of a Project. |
| Worktray | A "bucket" that active Tasks may be assigned to. Any Employee added to the Worktray can take a Task to complete. |
PensionPro Setup & Maintenance
| Collection Field |
A field for which Participant data can be entered during Data Collection. |
| List Value |
A customizable data value. These are used to determine the dropdown options for many fields in PensionPro; for example, Active and Terminated may be List Values for a Status field. |
| Location Rights |
A series of access options that determine if an Employee is allowed to view a record based on the Location it is saved to. |
| Security Rights |
A series of access options that determine what features an Employee is allowed to utilize in PensionPro. |
| Template Data Type |
A designation for Task Items that determines what data may be entered, and if application, what dropdown options are available. |
Plans
| Document Specifications |
Also known as Plan Specifications. These are the details that govern a Plan. |
| Employee Plan Role |
Denotes a role that operates in service to the Plan, such as Administrator or Consultant. This role is then assigned to an Employee on a Plan-by-Plan basis. |
| Fee Schedule |
A list of fees or costs that may be applied to various activities during the performance of Plan administration. |
| Investment Provider |
A bank or other entity that manages the Plan's assets. |
| Plan Contact |
A Contact who has been assigned to a Plan Contact Role. |
| Plan Contact Role |
Denotes a role fulfilled by one of the Plan's interested parties, such as Principal or Main Contact. This role is then assigned to a Contact on a Plan-by-Plan basis. |
| Plan Cycle |
A record that tracks yearly Plan information and important dates. |
| Service Provided |
One of the services that the Firm performs for the Plan on behalf of the Client. |
Projects
| Annual Administration |
The required yearly maintenance of a Plan, including census collection, testing, and tax form filing. Alternately, a type of Project that facilitates this process. |
| Data Collection |
The retrieval of yearly employer and census data from the Plan Sponsor for entry into PensionPro. |
| Distribution |
A payment made to a participant from retirement plan assets. Alternately, a specialized Project type for processing Distributions. |
| Extension |
A type of Project that extends the deadline of an Annual Administration. |
| External Deadline |
The date that a Project should be fully completed by. |
| General Web Collection |
A type of Project that uses Web Collection to retrieve documents and questionnaire responses from a Plan Sponsor. Typically simpler than Annual Administration with Web Collection. |
| Period End |
A recurring Project occupies a range of dates that the Project is relevant to. Other occurrences of this Project cannot occupy these dates. The Period End is the final date in this range. |
| Period Start |
Similar to the above, the Period Start is the first date in the date range. |
| Project Field |
A designation added to a Task Item that allows the value entered for the Task Item to be referenced elsewhere in PensionPro. |
| Project Template |
The blueprint of a Project, designed to provide a consistent series of steps. Each Project launched from this Template performs the defined workflow a single time. |
| Start Date |
The date the Project becomes active for work. |
| Task | One step of a Project that is assigned to one Employee to complete. May contain any number of Task Items. |
| Task Grouping |
A collection of related Tasks. |
| Task Item |
An item of consideration when completing a Task. This may be an action to perform or an input for data. |
| Web Collection |
Data Collection that is performed via PlanSponsorLink. |
PlanSponsorLink
| Bulletin |
A document that is made available for all of the Firm's PlanSponsorLink users. |
| Plan Sponsor |
Used generally to refer to any Plan Contact who utilizes PlanSponsorLink. |
| Secure File Exchange (SFE) |
A mechanism that provides enhanced security for documents transmitted between the Firm and a Contact. |
| Website Rights |
A series of access options that determine what actions a Plan Contact is allowed to perform on PSL. |
SalesPitch
| Opportunity | A Company who has expressed interest in acquiring services. May have been generated from a Prospect. |
| Proposal | The draft of a Plan that is being presented to the prospective client Opportunity for consideration. |
| Prospect | A lead on a potential source of business. This could be a potential Client, or a relevant Contact. |