It goes without saying that retirement plans are complex creatures. That's why this industry exists, after all! PensionPro organizes its data structure around the retirement plan, and can store a wide array of plan-related information. This article discusses how to open Plan records, navigate the Plan tab, and manage Plan data; it also provides links to additional articles to begin exploring PensionPro's many features in depth.
Article Contents
- Overview of Plans
- Opening a Plan
- The Plan Tab Header
- Plan Views and Data
- Other Views on the Plan Tab
- Editing Multiple Plans via Power Tools
- Additional Plan Actions & Features
Overview of Plans
Plans are, understandably, the most important record in PensionPro. Each is a repository of data for a single retirement plan—from its name, type, and year-end date, to its effective date, MEP associations, and recordkeeper details. This extends beyond simple facts about the retirement plan; a Plan record in PensionPro can also store files and client interactions, fees and pricing, and even the plan document.
When opened, a Plan is displayed in its own tab (the Plan tab), which is divided into a number of different views, accessible via the list on the left side. These views contain data and functionality applicable to the current Plan.
Expand the following items for additional information on Plans.
Plans and company information
Information about the sponsoring company—such as addresses and phone numbers, EIN, and yearly employer data—is not stored in the Plan. Instead, each Plan is linked to a Client record, which holds this information. This is useful for companies which sponsor multiple retirement plans; in these cases, the company data doesn't need to be duplicated across each Plan.
Plans and people
In PensionPro, Contacts—which hold information about individuals, such as their email and similar details—are a type of record used independently from Plans. This is because a Contact might be associated with one or many Plans, or even no Plans at all.
On the Plan tab, Contacts are assigned to Plan Contact Roles to determine which individuals are associated with the Plan and what responsibilities they hold.
The firm's Employees can be similarly assigned to the Plan via Employee Plan Roles.
Restricting access to Plans
On PensionPro's Business and Enterprise tiers, access to a Plan record is only available to Employees who possess the Location Rights for the Plan's assigned Location. Users attempting to view a Plan without the appropriate permissions will receive a "You are not authorized to access this page" error. For more information, refer to the article Location Rights.
Customizing Plan dropdowns
Many of the dropdown values seen when creating and editing Plan information (such as Plan Types and Form 5500 Types) can be customized to suit the firm's data standards via List Values.
Opening a Plan
There are many ways to open a Plan record in PensionPro. The following list, though not exhaustive, represents the most common methods of finding a given Plan:
- Use the search field at the top of the page to search by the Plan name or ID.
- With a Client record open, double-click to open an entry listed in the Plans view.
- Open a Project or Plan Cycle, then select the Plan name in the tab header (i.e., the breadcrumb link).
The Plan Tab Header
The tab header is displayed at the top of the tab, above any selected view. The header of the Plan tab contains the following items, presented from left to right:
- The corresponding Client name. Selecting this breadcrumb link opens the Client record.
- The Plan name.
- The Help
option, which opens this article in a new browser window.
- The More
menu, which contains options for the following actions:
- Sending a Fast Blast
- Creating Merge Documents
- Using ftwilliam.com Navigation Assistance
- Downloading data for a deactivated Plan prior to its purge date
Plan Views and Data
The following sections detail the views and functions unique to the Plan tab, such as Services Provided, Investment Providers, and Employee and Contact Roles.
General
The General Plan Information grid contains details about the Plan, such as its name and plan type, as well as management options for displaying the Plan on PlanSponsorLink, deactivating the Plan, and more. Use Edit at the top-right of the grid to make changes to this information.
⤷ Show/hide General Plan fields
| Plan Name | The name of the retirement plan. PensionPro recommends using the full legal name of the plan where possible. |
| Plan Year End |
The final day of the plan year.
|
| Client Servicing Level | The service tier assigned to the Plan for administrative and client support purposes. |
| Status | The current status of the Plan. This item is for informational and tracking purposes; PensionPro does not consider the Plan inactive unless the Deactivate for all Activity option is enabled. |
| Terminated On | The date that the TPA stopped servicing the Plan. |
| Termination Reason | The reason that the TPA stopped servicing the Plan. |
| Deactivate for All Activity |
When enabled, indicates that the Plan is no longer in use by the firm.
|
| On Hold | Used to indicate that the Plan is not currently being serviced. When enabled, users opening Plan items will receive a notice that a hold is in effect; see Putting a Plan On Hold. |
| On Hold Reason | The reason the Plan isn't being serviced. Only available when On Hold is enabled. |
| On Hold Since | The date the Plan was put on hold. Only available when On Hold is enabled. |
| Defined Benefit |
Enable to add the Defined Benefit view to the Plan tab for tracking additional information.
|
| Daily Valuation |
Enable to add the Daily Valuation view to the Plan tab for tracking additional information.
|
| Health & Welfare |
Enable to add the Health & Welfare view to the Plan tab for tracking additional information.
|
| Plan Type | The type of retirement plan (401(k), defined benefit, etc.). |
| Combo Plan | Indicates whether this Plan is part of a combination, and if so, what type. |
| Multiple Employer Plan |
When the Plan is part of a MEP, this field indicates if this Plan is the MEP master, or if not, which other Plan serves that role; refer to Multiple Employer Plans.
|
| IRS Plan Number | The three-digit number used to identify the Plan when filing Form 5500. |
| Valuation Frequency | The frequency at which Plan assets and participant accounts are valued. |
| Form 5500 Type | The 5500-series form used for this Plan's annual filing. |
| Audited | Indicates whether the Plan's financial statements are subject to an audit. |
| Admin Type | The level of administrative service performed for this Plan. To track specific services, use the Services Provided view. |
| Trust ID | The identifier associated with the Plan's trust account or trust arrangement. |
| QDIA | Indicates whether the Plan has a QDIA designated. |
| QDIA Fund Name | The name of the Plan's designated QDIA. |
| IRA Rollover Provider | The financial institution or provider designated to receive eligible rollover distributions to an IRA. |
| Filing Cycle | The schedule used for the Plan's annual regulatory filing requirements. |
| Owner(s) Only Plan | Indicates whether the Plan covers only owners and does not include non-owner employees. |
| Search Text | Allows users to specify alternate text that will return this Plan in search results; see Custom Search Text For Clients And Plans. |
| Local Directory | The path to a folder on a shared/network drive or other file directory containing Plan documents saved outside of PensionPro; refer to Local Directories & Paths. |
| TPA Plan ID | The ID number used by the firm to uniquely identify this Plan. |
| Software Plan Id | The ID number used by an external application to uniquely identify this Plan. |
| Accounting Plan Id | The ID number used by the firm's accounting software to uniquely identify this Plan. |
| Category | A generic option for categorizing Plans that the firm can use as needed. |
| Group | A generic option for grouping Plans that the firm can use as needed. |
| Added On | The date that the Plan record was added to PensionPro. Can be edited. |
| Service Effective On | The date that the TPA began servicing the Plan. |
| Date of First Invoice | The date that the TPA first billed the client. |
| Enable Plan to Display on PSL | Enable to make this Plan visible on PlanSponsorLink. This option acts as a "master switch"; disabling it removes all Plan items and references from PSL, including data collections, files, and contact information. |
| Internal Plan | Designates the Plan record as for internal purposes only, retaining some functionality such as Projects and Employee Roles but removing features like Plan Files, Document Specifications, Distributions, and Contact Roles. |
| Distributions Enabled | Enable to use Distributions with this Plan. If disabled, Distributions cannot be launched under this Plan. |
| Enable Distributions on PSL Distributions Tab |
Determines whether this Plan's Distributions can be shown on the corresponding tab in PlanSponsorLink.
|
| Enable Projects on PSL Projects Tab |
Determines whether this Plan's Projects can be shown on the corresponding tab in PlanSponsorLink.
|
| 1099 Payor | Determines whether the EIN (on the Client tab) or the TIN (on the Plan tab) is used for Form 1099 for Distributions. Some reports will not work correctly if this option is not set. |
| ftwilliam.com Plan ID | If the Plan is linked to ftwilliam.com, the FTW ID of the linked record will display here. Cannot be set manually. |
| Ftwilliam Document Checklist | The Plan's document checklist type used on ftwilliam.com |
| ATC Bin Number | The Bin number that will be applied to all of this Plan's Distributions when using the ATC Paying Agent Integration. |
| Recordkeeper Name |
The name of the recordkeeping service used by this Plan.
|
| Recordkeeper ID | The ID number used by the recordkeeper to uniquely identify this Plan. |
| Business Start Date | The date the employer business was started for the purposes of determining eligibility. |
| Census Format | Determines which columns and fields are used on this Plan's employee census during Annual Data Collection; refer to Customizing the Employee Census. |
| Marked for Deletion |
When enabled, the Plan is added to the Data Deletion Manager for review and possible removal.
|
The More menu at the top-right of the General Plan Information grid contains options linking or unlinking the Plan to/from ftwilliam.com, or for creating a new plan in that system from PensionPro data. For more information, refer to ftwilliam.com - Creating and Linking Records from PensionPro.
Defined Benefit
The Defined Benefit Plan Information grid is used to record details specific to defined benefit plans. Use Edit at the top-right of the grid to make changes to this information. This view is only available if the Defined Benefit option is enabled in the Plan's General preferences.
⤷ Show/hide Defined Benefit fields
| Actuarial Firm | The entity responsible for providing actuarial services for the Plan. |
| Assets Frozen On | The date on which the Plan's assets became frozen under the terms of the Plan. |
| PBGC | Details about the Plan's PBGC insurance coverage. |
Daily Valuation
The Daily Valuation Plan Information grid is used to record details specific to daily valuation plans. Use Edit at the top-right of the grid to make changes to this information. This view is only available if the Daily Valuation option is enabled in the Plan's General preferences.
⤷ Show/hide Daily Valuation fields
| Participant Statement Delivery | The method used to deliver participant account statements. |
| Payroll Contributions To Calculate | The frequency at which payroll contributions are calculated. |
| Payroll Frequency | The frequency at which payroll is processed for the Plan's sponsor. |
| Remittance Type | The method used to submit contribution and payroll funding information. |
| Trading Platform | The platform that processes the Plan's transactions and maintains daily valuation records. |
Health & Welfare
The Health & Welfare Plan Information grid is used to record details specific to health and welfare plans. Use Edit at the top-right of the grid to make changes to this information. This view is only available if the Health & Welfare option is enabled in the Plan's General preferences.
⤷ Show/hide Health & Welfare fields
| Claim Processing Location | The location or entity responsible for processing Plan claims. |
| External Client ID | The ID number used by a carrier, administrator, or other health & welfare vendor to uniquely identify this Plan. |
| In House Claim Processing | Indicates whether Plan claims are processed internally rather than by a third-party administrator or carrier. |
| Medicare Reporting Required | Indicates whether MSP reporting to CMS is required for the Plan. |
| Payroll Frequency | The platform that processes the Plan's transactions and maintains daily valuation records. |
| Remittance Type | The method used to submit Plan funding or premium remittance information. |
Employee Roles / Contact Roles
Employee Plan Roles and Plan Contact Roles are used to define which individuals are the responsible parties in the administration of the retirement plan, and what those responsibilities are:
- Employee Plan Roles are assigned to the firm's Employees and are used for directing work, notifications, reporting, and more.
- Plan Contact Roles are assigned to external Contacts who have an interest in the Plan, such as those from the sponsoring employer or investment advisors. These roles are used for sending communications and managing PlanSponsorLink access.
For more information on working with the Employee Plan Roles and Plan Contact Roles grids, refer to their respective articles, linked above.
Projects
PensionPro uses Projects to track the firm's processes and ensure administration work is performed consistently. Each Project is launched in service to a specific Plan; the Plan Projects grid on this view shows all Projects that have been created for the current Plan, whether they are in progress or fully complete.
⤷ Show/hide Project columns
| Percentage Completion | A visual representation of the Project's progress, based on its completed Tasks. |
| Project Name | The name of the Project based on the Template used. |
| Period End | The end date of the Project's applicable time period. This is used to differentiate recurring Projects with similar names. |
| Project Type | The Project's category. |
| Project Manager | The name of the Employee who oversees Project progress. |
| Date Due | The date the Project should be completed by (a.k.a., its External Deadline). |
| Date Completed | The date all of the Project's Tasks were completed (or the Project was otherwise abandoned). |
Double-clicking a Project in the grid opens it in a new Project tab, at the Workflow view. Use Add at the top-right of the grid to add a new Project; refer to the article Launching & Managing Projects for more information.
Further information on Projects can be found in the following articles:
Distributions
Distributions are a special type of Project with additional features to facilitate processing plan distributions. The Plan Distributions grid shows all Distributions that have been launched under the current Plan.
⤷ Show/hide Distribution columns
| Percentage Completion | A visual representation of the Distribution's progress, based on its completed Tasks. |
| Distribution Name | The name of the Distribution based on the Template used. |
| Reason | The reason funds are being distributed. |
| Participant Name | Identifying details of the individual receiving a distribution. |
| Status | The current status of distribution processing. |
| Date Completed | The date all of the Distribution's Tasks were completed (or the Distribution was otherwise abandoned). |
Double-clicking a Distribution in the grid opens it in a new Distribution tab, which is structured similarly to the Project tab. Use Add at the top-right of the grid to add a new Distribution; refer to the article Distributions for more information.
I want to add a Distribution to the Plan, but the add icon is grayed out. Why?
A new Distribution cannot be added to the Plan if the Distributions Enabled option is not selected in General Plan Information.
Investment Providers
PensionPro can record information related to the Plan's investments; this is done using the Investment Providers grid.
⤷ Show/hide Investment fields
| Investment Provider | The financial institution or vendor that holds this investment account. |
| Investment Direction | The party responsible for directing investments held in this account. |
| Account Name | The name used to identify this investment account or contract. |
| Account # | The account number assigned by the investment provider. |
| Start Date | The date this account became active for the Plan. |
| Terminated On | The date this account was removed from active use. |
| 1099 Responsibility | Identifies the party responsible for preparing and issuing Form 1099 tax reporting. |
| Investment Model | The recordkeeping model used for this account. |
| Data Collection Source | Specifies how investment and transaction data for this account is obtained. |
| Transfer Status | If assets are currently being transferred to or from another investment arrangement, the status of that transfer. |
| Distribution Processor | The party responsible for processing benefit distributions from this account. |
| Revenue Sharing Type | Indicates how revenue sharing is handled for this account. |
| Fee Disclosure Type | The fee disclosure requirement associated with this account. |
| Asset Based Revenue Percentage | The asset-based percentage used to calculate revenue sharing for this account. |
| Vesting Submission | The party responsible for submitting vesting information for this account. |
| Primary |
Indicates whether this account is the primary investment. Only one investment entry may be chosen as primary.
|
| Archived |
Indicates whether this investment entry is archived.
|
New investment entries may be added by selecting Add at the top-right of the grid. Hovering over any Investment Provider entry in the grid displays the Edit
and Delete
options on the right-hand side.
Services Provided
The Plan tab includes the ability to track details about the services performed in administration of the Plan, with the flexibility to account for different situations. This might include who is responsible for providing or signing off on the service, its effective date, and/or its frequency. For more information on working with the Services Provided grid, refer to the article Services Provided for Plans.
Fee Schedules
Firms that create customized pricing for each client will be interested in the Fee Schedules view, which is used to organize collections of fee types, amounts, and expected payees. Version control is available to preserve historical pricing data. For more information on working with the Fee Schedules grid, refer to the article Fee Schedules.
Plan Cycles
Plan data that is only applicable to a single plan year—such as testing results, participant counts, and 5500 information—is stored in a Plan Cycle. The grid on the Plan Cycles view is used to access this data for all previous plan years.
⤷ Show/hide Plan Cycle columns
| Period Start | The first day of the plan year for this Plan Cycle. |
| Period End | The last day of the plan year for this Plan Cycle. |
| Frequency | The time scale corresponding to the plan period. |
| Safe Harbor | Indicates whether the Plan had a safe harbor designation during this plan year. |
| Status | The current status of this Plan Cycle. |
Double-clicking a Plan Cycle within the grid opens it in a new Plan Cycle tab. Use Add at the top-right of the grid to add a new Plan Cycle; refer to the article Plan Cycles for more information.
Specifications
The Specifications view can be used to store a copy of the plan document, either in full or in part as desired. Version control is available for referencing previous plan documents. For more information on working with the Document Specifications Versions grid, refer to the article Document Specifications.
Other Views on the Plan Tab
Plans also use the following views/features which are common to multiple record types. Refer to the linked articles for more information on working with these views:
Editing Multiple Plans via Power Tools
Requires Security Rights: Access Power Tools
The Plans Power Tool can be used to update a single field across one or more Plan records. This is a good option for simple but otherwise repetitive changes.
To get started, navigate to Power Tools > Field Update > Plans; the Plans Power Tool opens to Step 1. For assistance in completing the Power Tool, expand the instructions below.
Step 1: Options
PensionPro first asks which field should be updated. This Power Tool can be used for most fields from the following Plan views:
- General
- Defined Benefit
- Daily Valuation
- Health & Wellness
Enter or select the new value. All Plans selected in later steps will be updated to this value. Some fields, such as IDs, can only be cleared; in this case, no value can be entered.
Select Next to continue to Step 2.
Step 2: Filters
To limit a potentially large dataset, filters can be applied in Step 2 that will reduce the number of Plans returned in Step 3.
By default, the data grid will include Plan Name and the field chosen in Step 1; additional columns can be added using the Column Selections pane on the left. A column needs to be added before it can used for a filter.
For more information, refer to Applying Columns & Filters. When satisfied, select Next.
Step 3: Selections
The grid on this page displays the Plans that meet the filter criteria applied in the previous step. For more information on working with this grid, refer to Selecting Records.
Choose the Plans to update, then select Next.
Step 4: Review
PensionPro displays a summary of the changes to be made. Review the information provided; when ready, select Execute. The Plans chosen in Step 3 will be updated immediately.
Step 5: Finish
When this step is reached, the Power Tool is complete. Use Start Over to restart the Power Tool from Step 1.
Editing Plans via Import
Power Tools can also be used to update one or more fields across multiple Plans by importing a spreadsheet. For more information, refer to the article Updating Records via Import.
Additional Plan Actions & Features
The following is a list of additional articles that discuss managing Plans and other associated functionality:
Article |
Includes |
|---|---|
| Adding, Reassigning, Deactivating, and Deleting Plans | Adding a single Plan record, transferring a Plan to a new Client record, deactivating & reactivating a Plan, and Plan deletion. |
| Data Import - Clients & Plans | Adding one or more new Plan records via spreadsheet import. |
| Multiple Employer Plans | Instructions and tips for setting up and working with MEPs. |
| Putting a Plan On Hold | Using the On Hold field to display an alert for Plans not in good standing. |
| Custom Search Text For Clients And Plans | Adding alternate text (such as a previous company name) that will return the Plan in search results. |
| Data Purging | Details on the automatic deletion of Plan data following extended inactivity, including what data is deleted and how to save a backup. |