Plan & Participant Reports Overview

Transcription

1 Plan & Participant Reports Overview Purpose: This guide will provide an overview of the most commonly used reports. Table of Contents REPORT LOCATIONS... 2 FINANCIAL REPORTS... 3 FINANCIAL REPORT GENERATION (CASH RECEIPTS EXAMPLE)... 4 CASH RECEIPTS REPORT SAMPLE REPORTS... 5 CONTRIBUTIONS AND LOANS REPORT SAMPLE REPORTS... 6 PLAN ASSET SAMPLE REPORTS... 7 UNALLOCATED ASSETS SAMPLE REPORT... 8 FINANCIAL RECEIPTS REPORT PRINTING... 9 FINANCIAL REPORT GENERATION (SUMMARY BALANCE REPORT EXAMPLE) SUMMARY BALANCE REPORT SAMPLE REPORTS PARTICIPANT REPORTS PARTICIPANT REPORTS LOCATION FUTURE ELIGIBLE EMPLOYEES ELIGIBLE EMPLOYEES ISW SUSPENSION MISSING INVESTMENT SELECTIONS PARTICIPANT BALANCE REPORT PARTICIPANT STATUS SALARY CONTRIBUTION CHANGE SCHEDULED PAYOUTS APPENDIX CONVERTING FILES TO EXCEL Copyright 2016 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA All rights reserved. MassMutual Financial Group is the marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives.

2 Report Locations Reports can easily be access in two different locations: 1) By hovering over the Reports Tab 2) Using the Reports-At-a-Glance on your Dashboard page The reports will be displayed in 4 categories: a. Financial Reports b. Participant Reports c. Loan Reports d. Other Reports This guide will be covering Financial, Participant & Other reports. A separate guide is available on Loan Reports & Administration.

3 Financial Reports 3 All of these reports are at the Plan Level and do not show participant level data. Report Name Cash Receipts Contributions and Loans Plan Assets RetireSmart Asset Advisor Distribution Event Report Summary Balance Report Unallocated Assets Description Displays historical contribution, loan payment, rollover and expense payment deposits summarized by type or detailed by date. Displays historical contribution, loan payment and rollover allocations to participant accounts and the sources to which they were applied, summarized by type or detailed by date. Displays current or historical listing of plan or subscription assets, listed by investment option or source. Displays a summary of terminated/retired participant s distribution events. Summary Balance Report shows account level financial information by investment option and contribution source. Displays plan assets currently not allocated to participant accounts. NOTE: The Report Generation process for Financial Reports works the same way for most of the reports, with only a small variance if the search parameters available. In this guide we will demonstrate the generation process for two report types: 1. The Cash Receipts Report, the process most Financial Reports use 2. The Summary Balance Report has a slightly different process

4 Financial Report Generation (Cash Receipts Example) Steps 1) Hover over the Reports Tab 2) Select the report type The Example show will be the Cash Receipts Report, the following reports all follow a similar process: Contributions & Loans Plan Assets Unallocated Assets 3) Enter the parameters for the report you want: In this example: a. Beginning & Ending Post Dates, this can be up to two years back from the current date b. Select the view you want, Summary or Details i. Summary will total all cash receipts by category receive during the selected time period ii. Details will show each individual cash receipt c. Select the Transaction Level, Plan or Subscription 4) Click the Submit button

5 Cash Receipts Report Sample Reports Example: Summary Cash Receipts Report Example: Detailed Cash Receipts Report

6 Contributions and Loans Report Sample Reports Example: Summary Contributions & Loans Report Example: Detailed Contributions & Loans Receipts Report

7 Plan Asset Sample Reports Example: Plan Asset Report By Account (or investment option) Example: Plan Asset Report By Source

8 Unallocated Assets Sample Report

9 Financial Receipts Report Printing To print the report page for the following reports: Cash Receipts, Contributions & Loans, Plan Assets and Unallocated Assets: 1) Click File from your top menu bar. 2) Select the Print option.

10 Financial Report Generation (Summary Balance Report Example) Steps 1) Hover over the Reports Tab 2) Select the Summary Balance Report 3) Enter the report parameters: The Time Period Select a Time Period from the dropdown or enter a date range of your choice. Select the Account Level to view the information on Sponsor, Plan, Subscription, Subset Determine Summary of what information you want to see on the report Select the Output Option o Download Report Downloaded data to a text file that can be converted to Excel o Print Report Viewed in Browser Window 4) Click the Submit Button

11 Summary Balance Report Sample Reports Example: PRINT Report Option This will be view only and can be printed using your internet browser print option. Example: Download Report Option This will produce a.txt file that can be converted to Excel. (See directions on the Printing and Saving documents in Excel tutorial.)

12 Participant Reports Special Notes: All of these reports are at the Participant Level. You must have participant level access to run these reports. Available reports will vary based on plan services & permissions. Report Name Eligible Employees Future Eligible Employees or Eligible Employees ISW Suspension Missing Investment Selection Participant Balance Report Participant Status Report Salary Contribution Change Report Scheduled Payouts Description Displays employees who are eligible for enrollment at the next plan entry date. Employees can be added or removed from the enrollment solicitation list. Displays employees who will become eligible to participate on a future date and have not been solicited. Employee information may be added or changed. The employee list may be printed or downloaded. Displays participants currently suspended from making contributions to the plan due to in-service withdrawals. Participant suspensions can be lifted prior to the stated ending date by entering a new suspension lift date. Displays employees who have not made investment selections. The participant balance report shows financial information by investment option and contribution source. Displays employees who became eligible to participate during a selected time period as well as those who were solicited and those who are currently participating. Displays participants who have made deferred salary contribution changes. Displays terminated participants, and the date that their account balances will be released to them.

13 Participant Reports Location To access the reports: 1) Hover over the Reports Tab 2) Select the appropriate report type The following list of participant reports are self-generating, meaning the report will automatically populate when you go to the page o Future Eligible o ISW Suspensions o Missing Investment Selections o Salary Contribution Changes o Scheduled Payouts The following reports will require you to enter parameters to generate the report o Participant Balance o Participant Status

14 Future Eligible Employees Purpose This report will provide a list of employees waiting to be solicited for enrollment. This report will auto generate. Eligible Employees Purpose This report will provide a list of employees eligible to participate. This report will auto generate.

15 ISW Suspension Purpose This report will provide you a list of participants currently suspended from contributing to the plan due to taking an in-service withdrawal. This report will automatically generate when you access the page. Effective From= Date the participant s suspension went into effect. Effective To = Date participant s suspension will end and the participant will be eligible to begin to contribute Note: If no participants are currently suspended you will receive a notification instead of the report.

16 Missing Investment Selections Purpose This report will provide you a list of participants that have made a contribution (other than a rollover) but have not made an investment selection. This list will identify the current default investment option the participant s contributions are directed into This report will automatically generate when you access the page.

17 Participant Balance Report 1) Select Participant Balance from the Report Tab 2) Select a time period or enter a customized date range you want to view the balance information for 3) Select what level of data you would like to view 4) Select the appropriate account level as needed 5) Click the submit button Note: The Report will be downloaded to.txt format that can be converted to excel. Please see the directions on page xxxx.

18 Participant Status 1) Select Participant Status from the Report Tab 2) Select if you want to see the report by the Solicitation Date or Eligibility Date 3) Enter the date range you would like the report for 4) Select what level of data you would like to view 5) Click the submit button Lists employees by SSN and provides their eligibility date List of employees participating with the source and deferral amount or percentage elected. Summary Total of Status for the time period selected List of employees solicited for enrollment during the selected time period List of employees eligible not participating

19 Salary Contribution Change Purpose The report provides a list of participants that have updated their salary contribution deferral percentage/amounts. Action Prior to each payroll you should view this list for changes. It is important to note that participants can go to zero at any time. (A push can be setup under Plan Management Preferences to send a reminder to review this report.) 1) The initial report can also be downloaded and saved. 2) Once you have updated your payroll records with the change, check the updated column to remove the participant from the list. Please note: there is a detailed guide for administering Salary Contribution Changes to assist you further with this process.

20 Scheduled Payouts This report will auto generate, and provides a list of participants that are scheduled to have their balances automatically released or deferred on the Action Date. Effective Date = Date of participant s separation of service Action Date = Date participant s account will be automatically deferred or released

21 Appendix Converting Files to Excel 1) Request the needed report. 2) When the File Download box opens, click the Open Button. 3 - a 3 - b 3) The report will open in a tab delimited format (text). a. On the top bar, click on Edit, then Select All b. The report will turn blue. Click on Edit again and select Copy 4) Open an Excel spreadsheet by clicking your Excel icon on your taskbar or desktop. 5) Right-click with your mouse over the first cell in the spreadsheet and select Paste. End: The report will now be in a format that can be printed or saved.