One of the most important aspects of implementing a new PensionPro setup is transferring existing data into its new home. PensionPro provides a number of import tools to get data added quickly. This article discusses PensionPro's available import options and provides some insight to using them effectively.
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The import tools named in this section will be used early on in nearly every new PensionPro setup. They are listed in the recommended order of use.
Clients & Plans
Plans are the heart of PensionPro, and many later imports add data to existing Plans. Clients are the companies sponsoring these Plans. Client data must be imported first; then, each imported Plan is linked to an existing Client record. Multiple Plans may be linked to a single Client.
See also: Data Import - Clients & Plans
Each Employee record represents an employee at the TPA firm. Not only does this record store general employee information, but also establishes the employee's PensionPro account. In other words, an Employee record should be added for each PensionPro user.
See also: Data Import - Employees
Each Contact record represents an individual known to the firm. This could be a plan sponsor, an advisor, a potential sales lead, or anything else. It can be helpful to think of this step like importing an address book full of names, addresses, and numbers.
Although not required, each Contact can be linked with a Company, which can help keep Contacts organized. Company records are distinct from Client records, and simply represent any organization, regardless of whether or not they do business with the firm. If using Companies, keep the following in mind:
- If a Contact's Company cannot be found in PensionPro, a new Company record is created upon import.
- PensionPro will not consolidate any variations in Company name used for multiple Contacts. If the Company names differ in any way, multiple records will be created.
- Creating a Client record also creates a matching Company record; this means that Company data already exists by the time this step is reached. If importing Contacts employed with a client company, be sure to match the Company spelling to what's listed in PensionPro.
The aim of this step is simply to add Contacts and their information. Linking these Contacts to Plans comes in a later step.
See also: Data Import - Contacts
Employee Plan Roles & Plan Contact Roles
These two imports establish links between Plans and Employees/Contacts, and dictate the responsibilities that an individual has in service of the Plan. An Employee might be an administrator, a billing specialist, or distribution processor, whereas a Contact might be a main contact, accountant, investment provider, or payroll contact.
Each import will require an existing Employee or Contact, an existing Plan, and the Role to which they are being assigned.
The following imports are not critical to a successful PensionPro implementation, and thus can be performed optionally, or at a later time.
- Investment Providers: Tracks investment information for a Plan.
- Employer Data: Tracks business entity and fiscal information for the Client.
- Services Provided: Tracks the services that the firm is providing for a Plan.
- Prior Year Census Data: Yearly census data can be pre-populated for Plan Sponsors performing annual data collection. Requires Annual Administration to be launched for the relevant plan year.
- Notes: Miscellaneous information can be attached to a Client or Plan.