Overview of MassMutual TPA Extract Files · allocated link will look for a Loan Account which...
Transcript of Overview of MassMutual TPA Extract Files · allocated link will look for a Loan Account which...
Retirement Services
Overview of MassMutual TPA Extract Files
Michelle DeDominicis & Abigail FarrarMassMutual Retirement ServicesJanuary 26, 2012
RS-19164-01 01/13
Agenda
What is an Extract FileBenefits of using Extract FilesSupported Vendor File FormatsReporting FrequencyAd Hoc FilesImport InstructionsBalancing to MassMutual ReportsBasic trouble shootingLevel of support provided by MassMutualImporting MassMutual Extracts into Relius AdministrationQuestions/Best Practices
What is a TPA Extract File?
Text files that contain the plan’s participant data provided by MassMutual
Point in time, participant level financial information
Three Supported vendor types
Why do our clients use extract files?
TPAs use extract files to:
Maintain an accurate accounting of financial activities for participants in their plans
Update record keeping software used by their shop with MassMutual’s transaction information
Reconcile their records while performing both day to day administration, and year end processing
Supported Vendor File Formats
TPAs typically use recordkeeping software, to track financial activity taking place within their plans.
MassMutual supports formats for each of the following software vendors:
ReliusDatairASC
Reporting Frequency
The available options are:MonthlyQuarterlySemi-AnnuallyAnnually
While several options exist, it is encouraged to run the files no less frequently than Quarterly.
Cash vs. Accrual
Files run on a cash basis, therefore:
Capture transactions posted within reporting period
May contain transactions with effective date outside of reporting period
Adjusted transactions will show in the reporting period in which the adjustment posted
Periodic File vs. Yearly File
There is an option to run a separate file after the close of the plan year to capture accrual information
Generally run for the first 45 days of the plan year to capture any of the prior year contributions that may be in transit.
The only frequency for this file is annual.
Ad Hoc Files
Can be requested from Account Manager
Will be available the following business day
Should not be requested unless there is an urgent need
Important Note:Ad Hoc files can not be requested until the business day following the day the adjustment posts.
Location of TPA Extract Files
The TPA Extract files are located on the Total Retirement Center on the File Transfer Screen. From the TRC Home Page:Select File Transfer from Quick Clicks drop down menu
Import Instructions
Once the file has been located, save it to your computer, and load it into the record keeping system as instructed by the vendor.
Important Notes:These files are run on a cash basisFiles must be brought in chronologicallyInformation is cumulative, therefore, all files must be brought inImporting duplicate files will produce incorrect ending balances in TPAs system
While the extract files run on a cash basis, Relius, Datair, and ASC have the ability to filter the information on an accrual basis.
Balancing to MassMutual Reports
The MassMutual report that should be used to balance with the extract files is the
Participant Balance Report or the Detailed Balance Report
The PBR and DBR run on a cash basis, with post dates driving the reportingThe PBR and DBR must be run for the same point in time as the extract file
Balancing to MassMutual Reports
Information Source
Investment Income
Administrative Expenses
Extract File Reported NET of plan expenses
Expenses deducted from investment income not shown
Participant Balance Report/Detailed Balance Report
Reported NET of plan expenses
Expenses deducted from investment income not shown
Participant Accounting Report
“True” Rate of Return Reported
All expenses shown
Basic Troubleshooting
Keep the following in mind when trying to balance :
Information is presented on a cash basis
All files must have been brought in in chronological order
Duplicating files will cause difference in balance
Basic Troubleshooting cont.
If you need to request assistance from your Account Manager, be sure to provide them with the following information:
First period you are out of balance
One participant that is out of balance
Source/Investment option that is out of balance
Dollar amount
MassMutual Support
MassMutual generates the reports for TPAs to use. We will ensure the following:
Run files in the correct format
Run files in the correct frequency
Ensure information in extract file balances to information on the Participant Balance Report
Explain how to import files
Explain the transaction/source/investment codes
© 2012 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.
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Presented byRelius Administration Support
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Importing Mass Mutual Extracts into Relius Administration
RELIUS ADMINISTRATION
Trade Agent
Access - Utilities>Trade Agent/Custodian Update
Optional – filter used when importing plans
Reserved name for Allocated Link - Mass Mutual
Investment Table - Adding Investments
Global table -investment added is available for all plans.
Set up cash investment ($1.00 per share, precision of 2) if selecting “import into one fund”. Fund ID could be set up as CASH or MAMUTUAL (9 characters total)
Investment Table - Adding Investments
Maintaining investment breakdown in Relius requires setting up all investments used at Mass Mutual
Example Government Money Market Investment Fund ID MUST be “SIA-U”.
Employer - Setting up
Access - File> New>Employer
-Required Information-Company Data Tab:
Name, EIN, Business Entity, Fiscal Year End
Payroll Tab:Payroll Schedule and
Actual Payroll frequency
Employer - Setting up Divisions
To create Divisions -Select Division Tab, Click on Edit > Add Division.
Enter Division Code and Division Name (user defined).
***Do not modify Default division
Employer - Payroll
Enter the desired payroll schedule. (Multiple pay schedules are allowed)
Enter payroll frequency to be used for loan amortization.
Employer - Payroll, Multiple Schedules & Division Tracking
Ability to track payroll, contribution and loan payments by division (used in DVC and Census DER)
Once all divisions have been marked as imported, the payroll period will be marked as imported.
Plan Specs - Setting up a new plan
Access - File>New> Plan
Ability to create plan specs from an existing plan (template)
Ability to copy existing plan accounts from existing plan
Link plan to existing Employer
Plan Specs - Dates screen
Enter valuation date (end of plan year in
Defined Contribution plans)
Verify dates, limitation year
Plan Specs - Plan Entry Requirements
Enter hours required for plan entry, wait period, min age.
Enter entry dates, class exclusions, etc.
Plan level entry requirement should be the most liberal entry requirement.
More restrictive entry requirements should be overwritten at source level.
Plan Specs - Adding Trade Agent
In Plan Specifications, go to the Account Definitions form.
Trade Agents tab to Add the Mass Mutual Trade Agent – if desired. Remember—it is optional
Plan Specs – Trade Agent Plan ID
Trade Agent Plan ID MUST be entered.
It’s required for Mass Mutual, the Trade Agent Plan id is the plan contract at Mass Mutual
Plan Specs - Adding Sources
Determine the number of sources, restrictions, vesting schedules
Vesting schedules need to be assigned to employer sources, immediate for employee and safe harbor
Add Source level entry, allocation requirements and allocation formula if plan level needs to be modified for any source
Plan Specs - Sources
Ability to set up more than one of the same source, e.g., two employer sources.
Safe Harbor Plan (3% Non-Elective), use Employer source, designate as a ADP Safe Harbor source.
Plan Specs - Adding Sources
Determine the number of sources, restrictions, vesting schedules
Vesting schedules need to be assigned to employer sources, immediate for employee and safe harbor
Add Source level entry, allocation requirements and allocation formula if plan level needs to be modified for any source
Plan Specs - Adding Sources
Deferral source
Plan Specs - Adding Sources
Safe Harbor Employer TypeImmediate Vesting
Plan Specs - Adding Sources
Loan Source
Plan Specs - Sources
Each source will map to a money type selection in the link.
Plan Specs - Investments
Allocated Link -Importing into one fund, designated fund needs to be listed as cash investment
Plan Specs - Investments – SIA-U
Government Money Market Investment
Plan Specs - Investments - Assign trade agent
Assign at least one plan investment to the “Mass Mutual” trade agent. (If using this option)
Plan Specs - Investments
Allocated link requires a loan investment be setup for the loan account
Plan Specs - Loan Source
If the Loan source is added to the plan, the allocated link will look for a Loan Account which contains the Loan source and Loan investment fund.
If the Loan source is added to the plan, the vested balance on the loans will be zero. The system will look to the loan module for vesting.
Plan Specs - Setting up Accounts
Accounts are the combination of a Source/Fund combination. A plan should not have a duplicate account with the same Source/Fund combination
The Account Generator is an easy way of generating corresponding accounts
Plan Specs - Setting Up Accounts
Account Generator will not duplicate Source/Investment.
Name of Account will be a combination of Source name and Investment name
Allocated Link
Select Vendor (Mass Mutual)
Select Import file directory/import file
Select Transaction Date/Beginning Balance Date
Select Plan(s)
Create Vendor and/or Plan Defaults
Allocated Link
Plan & Vendor Defaults are optional tools that can be used to set certain import settings as desired
Vendor defaults provide ability to set transaction exclusion based on company rules for Mass Mutual
Allocated Link
Be sure to select ALL appropriate sources / money typesSelect the Relius
Administration source (Source Name column) to map to all sources used under the Mass Mutual LinkPlan defaults will
override vendor defaults
Allocated Link
Select continue once all options have been chosenThis allows previous
plan or vendor defaults to be changed.System will prompt
user to save any changes to the screen
Allocated Link
Import file progression bar and progress complete prompt
Allocated Link
Errors and warning file generated.User should always
review errors and warnings
Allocated Link - Error and Warning Report
Allocated Link - Errors and Warning
Ability to Cancel import or Continue import. Severity of errors/warnings
Allocated Link - Reports
Audit reports, ability to verify results of import. Totals by source, fund and transaction type
Allocated Link - Totals by Source Report
Allocated Link - Totals by Fund Report
Allocated Link - Total by Transaction Type Report
Allocated Link
Transaction generated for import.Ability to reverse
transaction to remove imported data and Allocated Link transaction.
Allocated Link Export
3 available options1.Contributions, forfeitures & loan payments2.Enrollment information for new employees3.Enrollment information for all employees
Allocated Link Export
Transaction date rangeSelected plan or
plansSource mapping
also needed—duplications not allowed
Allocated Link Export
Process continues
Prompt when complete
Error log available for review
Allocated Link Export
Export Error Log
Allocated Link Export
Export File Itself
Allocated Link Export
Enrollment Export
Options are the same—one plan or several with date range
Only date range needs to be entered.
Allocated Link Export
Error log generated after processing
File generated
Relius Administration Version 17
Newest Version Available SoonMajor Changes in Plan Specs and Other AreasNO Changes to Allocated Link Program
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Relius Administration Supportwww.sungard.com/relius
Questions?
RELIUS ADMINISTRATION