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Adding and Editing General Plan Information

This article explains the process of adding and editing Plan information in PensionPro.  To see a video about Adding a Plan, scroll to the end of this Article.

Software Required: All Product Tiers
Security Rights Required: Add/Edit Plan

To Add/Edit a Plan:

  1. Select Data from the Application Menu and click on Plans\Add a Plan. The Add Plan slider will appear. All required information will be listed at the bottom of the slider.
  2. Type the Client Name until a list appears from which you can select the Client. If no Client appears, you will need to first add the Client before you can add a Plan. For more on adding a client, see the article, Adding and Editing Client Information.
  3. Enter the Legal Plan Name. 
  4. Select a Plan Type from the dropdown. If an appropriate Plan Type does not exist, additional options can be added through Maintenance\List Values\Plan\Plan Type.
  5. Enter the Effective Date of Service. This is the first day of the plan year for which your firm will be providing services for this Plan.
  6. Enter the month and day of the Plan Year end.
  7. Select an Admin Type from the dropdown. If an appropriate Admin Type does not exist, additional options can be added through Maintenance\List Values\Plan\Plan Administration Type.
  8. Use the dropdown on the Save button to select Save and Open.

To Edit Plan Information on Home Tab:

General Tab

  1. To add or edit information on the General Plan Information screen, click the edit button in the top right-hand corner above the grid to open the Edit General Plan Information slider.
  2. The Plan Name will display the Legal Plan Name entered when the Plan was initially added.
  3. The Plan Year End will display the month and day of the Plan Year End that was chosen when the Plan was initially added.
  4. Client Servicing Levels can be used to indicate priority of work performed for clients. To add a Client Servicing Level, select from the dropdown. If an appropriate Client Servicing Level does not exist, additional options can be added by selecting [Add New Client Servicing Level] at the top of the dropdown list or through Maintenance\List Values\Plan\Client Servicing Level. 
  5. Select the Status from the dropdown. If an appropriate Status does not exist, additional options can be added by selecting [Add New Status] at the top of the dropdown list or through Maintenance\List Values\Plan\Status. 
  6. The Deactivate for all Activity should not be selected until all existing projects are completed. Marking the Plan as Deactivated will prevent users from adding new projects, documents or any other data.
  7. Click the checkbox, if the Plan is On Hold.
  8. If the On Hold checkbox has been selected, choose the On Hold Reason from the dropdown. If an appropriate On Hold Reason does not exist, additional options can be added by selecting [Add New On Hold Reason] at the top of the dropdown list or through Maintenance\List Values\Plan\Plan On Hold Reason.
  9. Click the checkbox if the Plan is a Defined Benefit Plan.
  10. Click the checkbox if the Plan is a Daily Platform Plan.
  11. Click the checkbox if the Plan is a Health and Welfare Plan.
  12. Select a Plan Type from the dropdown. This will be populated with the Plan Type that was chosen when the Plan was initially added. If an appropriate Plan Type does not exist, additional options can be added by selecting [Add New Type] at the top of the dropdown list or through Maintenance\List Values\Plan\Plan Type. 
  13. Select the Combo Plan value from the dropdown. If an appropriate Combo Plan value does not exist, additional options can be added by selecting [Add New Combo Plan] at the top of the dropdown list or through Maintenance\List Values\Plan\Combo Type.
  14. Click the checkbox if the plan is a Multiple Employer Plan Master. Master means it is the sponsoring entity of a Multiple Employer Plan.
  15. If MEP Master is selected, click on the Linked Multiple Employer Plan dropdown.  If no selection appears, search for and edit the Plan that is the MEP Sponsor to indicate that it is the MEP Master.  It will then appear in the dropdown.
  16. Enter the IRS Plan Number.
  17. Select the Valuation Frequency from the dropdown. If an appropriate Valuation Frequency does not exist, additional options can be added by selecting [Add New Valuation Frequency] at the top of the dropdown list or through Maintenance\List Values\Plan\Valuation Frequency.
  18. Select the Form 5500 Type from the dropdown. If an appropriate Form 5500 Type value does not exist, additional options can be added through Maintenance\List Values\Plan\Form 5500 Type.
  19. Click the checkbox if the Plan is an Audited Plan.
  20. Select the Admin Type from the dropdown. If an appropriate Admin Type value does not exist, additional options can be added by selecting [Add New Admin Type] at the top of the dropdown list or through Maintenance\List Values\Plan\Plan Administration Type.
  21. Enter the Trust ID, if applicable.
  22. Click the QDIA checkbox if the Plan has a Qualified Default Investment Alternative.
  23. Select the QDIA Fund Name from the dropdown. If an appropriate QDIA Fund Name value does not exist, additional options can be added by selecting [Add New QDIA Fund Name] at the top of the dropdown list or through Maintenance\List Values\Plan\QDIA Fund Name.
  24. Select the IRA Rollover Provider from the dropdown. If an appropriate IRA Rollover Provider does not exist, additional options can be added by selecting [Add New IRA Rollover Provider] at the top of the dropdown list or through Maintenance\List Values\Plan\IRA Rollover Provider.
  25. Select the Filing Cycle from the dropdown. If an appropriate Filing Cycle does not exist, additional options can be added by selecting [Add New Filing Cycle] at the top of the dropdown list or through Maintenance\List Values\Plan\Filing Cycle.
  26. Click the checkbox if the Plan is an Owner's Only Plan.
  27. Add any Search Text when using search tools that would help to identify the Plan. For example, if a Plan name changes, the old name could be added to Search Text so that the Plan would still appear in search results if the old name is entered.
  28. To link a Local Directory to store information for this Plan, click on the folder button to the right of the Local Directory box.  Browse your network folders and select the appropriate Local Directory folder for this Plan.
  29. Enter the TPA Plan ID, if applicable. This field is optional but is recommended as a unique identifier to import data into PensionPro from other data sources such as your document provider, compliance software or 5500 Form provider.
  30. Enter the Software Plan ID, if applicable. 
  31. Select a Category from the dropdown. Plan Categories can be used to identify information about the Plan that may relate it to other Plans.  For example, if some plans were part of an acquisition, it may be important to be able to identify them.  A Plan Category could be created to reflect this information.  If an appropriate Category does not exist, additional options can be added by selecting [Add New Category] at the top of the dropdown list or through Maintenance\List Values\Plan\Plan Category.
  32. Select a Group from the dropdown. Plan Groups, like Categories, can be used to identify information about the Plan that may relate it to other Plans. For example, if outsourced services are being provided for some plans where there is no direct contact with the Plan Sponsor, it may be important to be able to identify them.  A Plan Group could be created to reflect this information.  If an appropriate Group does not exist, additional options can be added by selecting [Add New Group] at the top of the dropdown list or through Maintenance\List Values\Plan\Plan Group.
  33. Enter the Added on Date. This field will auto-fill with the date the Plan was added to PensionPro.
  34. Enter the Service Effective On date. This is the first day of the plan year for which your firm will be providing services for this Plan. This field should auto-fill with the Effective Service Date chosen when initially adding the Plan.
  35. Click the checkbox if the Plan is PSL Enabled. This checkbox controls the availability of Plan information to be accessible to Plan Sponsors on PlanSponsorLink.com.
  36. Click the checkbox if this is an Internal Plan.  Internal Plans are created for creating and launching projects that are not Plan Sponsor facing.  For example, an internal Plan might be named "WYZ TPA Internal Plan". A user might attach management projects or inital onboarding projects to this plan. If Internal Plan is selected, the tabs for Files, Correspondence, Specifications, Investments, Services Provided and Fees are hidden.
  37. Click the checkbox if Distributions are Enabled.  This checkbox controls the ability to access the distribution functionality on this Plan.
  38. Click to Save.

Defined Benefit Tab

  1. This tab can only be accessed if the Defined Benefit checkbox is selected on the General tab of the Plan.
  2. To edit Defined Benefit Plan Information, click on the edit button above the top right-hand corner of the grid to open the Edit Defined Benefit Plan Information slider. 
  3. Enter the Actuarial Firm name. Begin typing the firm name until a list appears from which you can select the firm.  If the company does not appear in the dropdown list, add a contact and company by clicking on Data\Contacts\Add a Contact.  To learn more about Adding Contacts and Companies, see the article "Adding and Editing Contact Information".
  4. Enter the Assets Frozen On date, if applicable.
  5. Select the PBGC value from the dropdown. If an appropriate PBGC value does not exist, additional options can be added by selecting [Add New PBGC] at the top of the dropdown list or through Maintenance\List Values\File Type\PBGC.
  6. Click to Save.

Daily Valuation Tab

  1. This tab can only be accessed if the Daily Valuation checkbox is selected on the General tab of the Plan.
  2. To edit Daily Valuation Information, click on the edit button above the top right-hand corner of the grid to open the Edit Daily Valuation Plan Information slider.
  3. Select Participant Statement Delivery from the dropdown. If an appropriate Participant Statement Delivery does not exist, additional options can be added by selecting [Add New Participant Statement Delivery] at the top of the dropdown list or through Maintenance\List Values\Plan\Participant Statement Delivery.  
  4. Select Payroll Contribution Calculation from the dropdown. If an appropriate Payroll Contribution Calculation does not exist, additional options can be added by selecting [Add New Payroll Contribution Calculation] at the top of the dropdown list or through Maintenance\List Values\Plan\Payroll Contribution Calculation.
  5. Select Payroll Frequency from the dropdown. Select a Payroll Frequency and click the add button to the right of the Payroll Frequency box.  If an appropriate Payroll Frequency does not exist, additional options can be added through Maintenance\List Values\Plan\Payroll Frequency.
  6. Select Remittance Type from the dropdown. If an appropriate Remittance type does not exist, additional options can be added by selecting [Add New Remittance Type] at the top of the dropdown list or through Maintenance\List Values\Plan\Remittance Type.
  7. Select Trading Platform from dropdown. If an appropriate Trading Platform does not exist, additional options can be added by selecting [Add NewTrading Platform] at the top of the dropdown list or through Maintenance\List Values\Plan\Trading Platform.
  8. Click to Save.

Health & Welfare Tab

  1. This tab can only be accessed if the Health & Welfare checkbox is selected on the General tab of the Plan.
  2. To edit Health & Welfare Information, click on the edit button above the top right-hand corner of the grid to open the Edit Health & Welfare Plan Information slider.
  3. Select Claim Processing Location from the dropdown. If an appropriate Claim Processing Location does not exist, additional options can be added by selecting [Add New Claim Processing Location] at the top of the dropdown list or through Maintenance\List Values\Plan\Claim Processing Location.
  4. Enter the External Client ID if appropriate. 
  5. Click the In House Claim Processing checkbox if appropriate
  6. Click the checkbox if Medicare Reporting is Required.
  7. Select Payroll Contribution Calculation from the dropdown. If an appropriate Payroll Contribution Calculation does not exist, additional options can be added by selecting [Add New Payroll Contribution Calculation] at the top of the dropdown list or through Maintenance\List Values\Plan\Payroll Contribution Calculation.
  8. Select Remittance Type from the dropdown. If an appropriate Remittance type does not exist, additional options can be added by selecting [Add New Remittance Type] at the top of the dropdown list or through Maintenance\List Values\Plan\Remittance Type.
  9. Click to Save.

 

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    Beth Rzepecki
    Edited by Beth Rzepecki