How-To: Short Plan Year Ends

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Under certain circumstances—such as a change in a Plan's Year End date—an Annual Administration Project needs to be created to cover a period less than a full year. The Short Plan Year End is the solution to this, and creating one in PensionPro is a simple process.

 

Tier Availability: Business

Security Rights Required: Add/Edit Project

 

Note: The following steps only apply to Annual Administration Projects that include Web Collection.
Warning: Do not manually create Employer Data or Plan Cycle records prior to performing the following steps. If the records have already been created, remove them before continuing.

 

  1. Using the Search bar, open the desired Plan tab.
    • If necessary, select Editedit.png from the General view to update the Plan Year End.
  2. Select the Projects view.
  3. Select Addadd.png to the top-right of the grid. The Add Project window displays.
  4. For Project Type, select Annual Administration.
  5. For Template, choose the desired Annual Administration with Web Collection Template.
  6. The Period Start and Period End fields should populate automatically based on the Plan Year End and any prior Annual Administration Projects.
  7. Edit the Period End Date to match the new Plan Year End. The Period Start Date should not be changed. The overall Period for this new Project will be less than one full year.
  8. Select Save.

 

Upon creation of the Project, Employer Data and Plan Cycle records will be added automatically; the dates for these records will reflect the Short Plan Year End.

 

Warning: To ensure timely completion of the Project, the Project Start Date may need to be edited after the Project is launched, as many Project Templates set a Start Date Offset assuming a 12-month plan year. Alternately, the Start Date Offset can be revised in the Project Template prior to launch.

 

If an Annual Administration has already been created to reflect a full Plan Year, but need to be changed to facilitate a Short Plan Year, updating the Period End date from either the Project, the Plan Cycle record, or the Employer Data record will also update the Period End date in the other two locations.