Plan Service Center and Payroll Processing Webinar

Transcription

1 Plan Service Center and Payroll Processing Webinar October 2014

2 Agenda 1. Introduction to the Plan Service Center (PSC) 2. Payroll and Deferral File 3. Termination Dates Importance of Updating Termination Dates How to Update Termination Dates

3 Plan Service Center (PSC) What is the PSC? Web portal to the record-keeping system Process Contributions Reports Demo of the PSC Go to Click the Plan Sponsor tab Click on the Go Button

4 File Descriptions Payroll Data Interchange (PDI) layout data points for payroll processing and eligibility Deferral files from Great-West Financial to the agency Great-West Financial collects participant deferral File sent to agency Agency updates payroll file Payroll file processed

5 Payroll Processing Overview 1. PSC Upload of Electronic Contribution File Participant Data is extracted from your payroll system, stored in a file, and transmitted electronically via the PSC. The file layout must remain constant File name _D####.yyyymmdd.csv 2. File Requirements On Next Slide 3. Contribution Funding Funding is done through Automated Clearing House (ACH) No more phone calls to arrange funding

6 File Layout The file will need to be saved as a.csv Payroll file should have the following information: Payroll Location (Your employer s existing 4-digit numerical code) SSN# - with dashes Contribution (Deferral) Amount - in dollars Money Type Employee or Employer Pay Frequency - Monthly Last Name First Name Middle Initial Percent/Dollar Bill Date (Payroll Date) Reason For Change please use this field to provide a termination date only. No text or notes, just a date. Termination is defined as participants that are no longer employed at your location

7 Importance of Updating Termination Dates Retirees want to access their funds Delays and pending distributions Overall customer experience Updated employment records

8 Log in to the Plan Service Center

9 Type in the Participant s SSN; Click GO Enter ppts SSN in this box

10 Popup Will Appear Click on the Ppts Name

11 Scroll down to Employment Information and Click Edit

12 Enter Term Date and click Save

13 Frequently Asked Questions 1. What is the payroll frequency on the deferral file? 2. How do I obtain the deferral file? 3. How do I get a term date to Great-West? 4. Who do I contact if I have questions about the Plan Service Center?

14 Contacts Great-West Financial PSC Technical Support (800) Participant questions KeyTalk General Plan Questions (800) (Reference the Plan number: )

15 Thank you Great-West Financial refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York (GWL&A of NY), Home Office: White Plains, NY; and their subsidiaries and affiliates. All trademarks, logos, service marks, and design elements used are owned by their respective owners and are used by permission Great-West Life & Annuity Insurance Company. All rights reserved. PT (09/2014)