Plan Cycles in PensionPro are used to store annual recurring plan information such as plan assets, participant count information, Form 5500 filing information and compliance test results.
Tier Availability: Track, Team, Core, Essential, Premium, Business
Security Rights Required: Add/Edit Plan Cycles, Add/Edit Projects, Access Power Tools
Note: Tabs and fields will vary depending on the tier the user is on.
Creating a Plan Cycle:
There are three ways to create a Plan Cycle in PensionPro.
- A Plan Cycle is automatically created when an annual administration project is launched for a plan (Essential, Premium and Business Tiers only).
- Plan Cycles can be created manually one plan at a time.
- In Plan Details click on the Plan Cycles tab.
- Click on the green Add button on the right-hand side of the screen.
- A slider menu will appear. Complete the Period Start, Period End, and then click Save.
- Plan Cycles can be created for multiple Plans at once by using the Plan Cycle Power Tool.
For more information on entering and importing Plan Cycle data, please review Entering and Importing Plan Cycle Data.
Plan Cycle Location:
Plan Cycles can be accessed from two locations within PensionPro.
- In the Plan Details, click on the Plan Cycle tab. To access a specific Plan Cycle, double-click on the appropriate Plan Cycle, which will open the underlying fields within the Plan Cycle.
- From within an Annual Administration project, click on the Plan Cycle tab. The Plan Cycle associated with the annual administration project will be displayed. Please note that Annual Administration projects are only available in Essential, Premium, and Business tiers.
Fields found in Plan Cycles:
Most of the fields found in the home tab are populated by either the DOL integration or the integration with ftwilliam.com. If PensionPro is not linked with ftwilliam.com and the user wishes to use these fields, the information can be entered manually. Information entered in any of the fields that are populated by either integration will be overridden and locked and/or unavailable when the sync occurs.
Projects (Essential, Premium, and Business Tiers only)
- The Project Name, Project Type, Project Manager, Due Date, and Date Completed will show in the Projects tab for any Project that is associated with the Plan Cycle.
5500 Signing Roles (applicable for ftwilliam.com integration only)
- For firms that have setup the integration between PensionPro and ftwilliam.com, this tab will show any Form 5500 Signers that are linked between PensionPro and ftwilliam.com. Setting the Form 5500 signer up in PensionPro will link the ftwilliam.com 5500 Portal to PlanSponsorLink which allows the Form 5500 signer to login directly to PlanSponsorLink to sign their Form 5500.
- Please note that the ftwilliam.com integration is not included in the Track Tier.
Entering Plan Cycle Data
- Locate the Plan Cycle and fields that need to be updated.
- Click on the edit button located in the upper right-hand corner and the Edit Plan Cycle slider will appear.
- Update the appropriate fields with data and click Save.
Plan Cycle data can also be imported from external sources such as the firm’s forms software provider.
To Delete the Plan Cycle: The user can go to the Plan Cycle itself, double-click the Plan Cycle and select the edit button. Mark it for deletion at the bottom of the slider, then go to Maintenance > Data Deletion and it will be under Plan Cycles where the user can finally delete the record. The Plan Cycle must not be linked to a project in order to be deleted.
Why can't I mark a Plan Cycle for Deletion? If the Plan Cycle is attached to a project, it cannot be deleted. The user must first delete the project prior to deleting the Plan Cycle.
Can I update Safe Harbor Status in Plan Cycles? Yes. Users can click the Edit button on the Plan Cycle Details > Home > General tab to mark the Safe Harbor check box. This will indicate that the plan was Safe Harbor for that plan year. The Safe Harbor column value will appear "Yes" on the Plan Details > Home > Plan Cycles grid for that plan year it was marked "Yes."
When I create a new Plan Cycle record, does my Safe Harbor Status value roll forward? Yes. The system currently rolls the Safe Harbor value to the following period when a new Plan Cycle record is created for the following plan year.