Reference Sheet Company Setup 401k Tab Use this page to define company level 401(k) information, including employee status codes, 401(k) sources, and 401(k) funds. The definitions you create here become available at the employee level to facilitate various reporting functions relevant to 401(k) reporting. Use the drop down list in the page header to select one of the following options: Funds Defines the various funds available in the 401(k) plan. The employee makes elections to have part or all of their deferrals posted to these funds. Match The 401(k) Wizard assists you in developing the logic to calculate the employer match by answering a series of questions concerning the client s match policy. Source Identifies the contribution source (point of origin) for funds posted to the employee s 401(k) account, whether it is an employee deferral, employer match, or unmatched deferral. Status Defines the various participation categories of a company 401(k) policy. These codes are then assigned to employees on their respective [company] > Employees > [employee] > 401(k) tab. Each option and its associated sub page is explained in the sections that follow. Note The 401(k) status and an employee s status (as defined on the [company] > Employees > [employee] > Status/Position tab) are totally unrelated. Changing an employee s status does not affect the status of the employee s 401(k). Funds option When you select [company] > Company Maintenance > Company Setup > Funds option, the system displays the default Millennium 401(k) fund codes and 401k Funds sub tab, as shown in Figure 1: M3-CoStp401kT-RS-AL-647-01 1
Company Setup 401k Tab Figure 1: Company 401k page, Funds option Use this option to define the various funds available in the 401(k) plan. The employee makes elections to have part or all of their deferrals posted to these funds. You define only the fund code and its description. You do not define any amounts associated with funds. Explanations of the columns in the items list are as follows: Fund Description The code or ID that represents this particular 401(k) fund. The full name or explanation of the fund. An explanation of the field on the 401k Funds sub tab follows: Description Use this field to define or change the full name or explanation of the fund. Adding Fund Definitions To define a new 401(k) fund: 1. Click the yellow star button in the page header: 2 Millennium 3 Reference Sheet
Release 3.29 Figure 2: Yellow star button to add an item The system displays a pop up window in which you define the label for the new fund: Figure 3: Dialog to define the name of the new fund 2. Enter a descriptive label for this new 401(k) fund and click the OK button. The system creates a new fund, adds it to the items list, and puts the cursor in the Description field of the 401k Funds sub tab. 3. Fill in the appropriate information for this fund. Removing Fund Definitions To remove a 401(k) fund: 1. Click on the fund in the items list so that the line is highlighted. 2. Click the black X button in the page header: Figure 4: Black X button to delete an item The system removes the 401(k) fund from the items list. Match option Millennium allows you to define how amounts are associated with a match one of two ways: Using the 401(k) wizard that you can access from this page or Creating a VBScript on your own and including it on this page These two methods are mutually exclusive; that is, you can use only one or the other. When you select [company] > Company Maintenance > Company Setup > Match option, Millennium displays the 401(k) match codes and 401k Match sub tab, as shown in Figure 5: M3-CoStp401kT-RS-AL-647-01 3
Company Setup 401k Tab Figure 5: Company 401k page, Match option Use this option to define the various matches available in the 401(k) plan. The employee makes elections to have part or all of their 401(k) contributions posted to these matches. You define a match code, its description, and a VBScript that defines amounts associated with the match. The items list area, as well as the add item (yellow star) and delete item (black X) buttons in the page header, are disabled for the Match option. The match policy is not reflected as a listed item. Explanations of the fields on the 401k Match sub tab are as follows: 401(k) Match 401(k) Wizard This text area reflects the employer match policy definition for internal calculations. If the match policy uses VBScript, this area remains empty. Use this button to define the 401(k) match policy, as described in Adding a Match Definition. Adding a Match Definition To define a new 401(k) match policy: 1. Click the 401(k) Wizard button on the 401k Match sub tab. 4 Millennium 3 Reference Sheet
Release 3.29 The system displays a pop up dialog, beginning with Page 1: Selecting the Calculation, as shown in Figure 6: Figure 6: 401(k) Employer Match Wizard, Page 1 2. Make your selection and click the Next button. If you selected the top choice on Page 1, the system displays Page 2: Entering the Percentages, as shown in Figure 7: Figure 7: 401(k) Employer Match Wizard, Page 2 based on the first choice of Page 1 M3-CoStp401kT-RS-AL-647-01 5
Company Setup 401k Tab If you selected the bottom choice on Page 1, the system displays Page 2: Entering the Percentages, as shown in Figure 8: Figure 8: 401(k) Employer Match Wizard, Page 2 based on the second choice of Page 1 3. Fill in the percentages, based on your selection, and click the Next button. The first employer match contribution (first row on this page) is required. Additional contributions are optional. If you are not defining additional contributions and no other match calculations are needed, leave the values of those rows as 0 (zero, as shown in Figure 8). After you click the Next button, the system displays Page 3: Gathering Codes, as shown in Figure 9: 6 Millennium 3 Reference Sheet
Release 3.29 Figure 9: 401(k) Employer Match Wizard, Page 3 4. Make your selection and click the Next button. You must enter values for all three items on this page. Each drop down list allows you to select an existing value or create a new one by selecting New and entering a value in the field to the right of the drop down list. The system displays Page 4: Agency Check, as shown in Figure 10: Figure 10: 401(k) Employer Match Wizard, Page 4 5. Make your selection and click the Next button. M3-CoStp401kT-RS-AL-647-01 7
Company Setup 401k Tab The system displays Page 5: VBScript or Internal Calc, as shown in Figure 11: Figure 11: 401(k) Employer Match Wizard, Page 5 6. Make your selection and click the Next button. If you selected the top choice on Page 5, the system displays the Finished page, as shown in Figure 12: Figure 12: 401(k) Employer Match Wizard, Finished! for internal calculation i. Review the text on the page and click the Finish button. 8 Millennium 3 Reference Sheet
Release 3.29 The system returns you to the 401k Match sub tab, filling the text area with details about the internal calculation: Figure 13: Company 401k page, Match option for internal calculation If you selected the top choice on Page 5, the system displays Page 6: Generated VBScript, as shown in Figure 14: Figure 14: 401(k) Employer Match Wizard, Page 6 i. Review the text on the page and click the Next button. M3-CoStp401kT-RS-AL-647-01 9
Company Setup 401k Tab The system displays the Finished page, as shown in Figure 15: Figure 15: 401(k) Employer Match Wizard, Finished! for VBScript ii. Review the text on the page and click the Finish button. The system returns you to the 401k Match sub tab, leaving the text area empty: Figure 16: Company 401k page, Match option for VBScript iii. The next task to complete the use of the newly generated VBScript is not documented here. If you plan to use that method, contact Client Services for further instructions. 10 Millennium 3 Reference Sheet
Release 3.29 Removing Match Definitions To remove a 401(k) match: 1. Click on the match in the items list so that the line is highlighted. 2. Click the black X button in the page header: Figure 17: Black X button to delete an item Source option The system removes the 401(k) match from the items list. When you select [company] > Company Maintenance > Company Setup > Source option, the system displays the default Millennium 401(k) source codes and 401k Sources sub tab, as shown in Figure 18: Figure 18: Company 401k page, Source option Use this option to define the various contribution sources available in the 401(k) plan. The employee makes elections to have part or all of their 401(k) contributions posted to these sources. M3-CoStp401kT-RS-AL-647-01 11
Company Setup 401k Tab You define only the source code and its description. You do not define any amounts associated with sources. Explanations of the columns in the items list are as follows: Source Description The code or ID that represents this particular 401(k) contribution source. The full name or explanation of the source. An explanation of the field on the 401k Sources sub tab follows: Description Use this field to define or change the full name or explanation of the source. Adding Source Definitions To define a new 401(k) source: 1. Click the yellow star button in the page header: Figure 19: Yellow star button to add an item The system displays a pop up window in which you define the label for the new source: Figure 20: Dialog to define the name of the new contribution source 2. Enter a descriptive label for this new 401(k) contribution source and click the OK button. The system creates a new source, adds it to the items list, and puts the cursor in the Description field of the 401k Sources sub tab. 3. Fill in the appropriate information for this fund. Removing Source Definitions To remove a 401(k) source: 1. Click on the source in the items list so that the line is highlighted. 2. Click the black X button in the page header: 12 Millennium 3 Reference Sheet
Release 3.29 Figure 21: Black X button to delete an item Status option The system removes the 401(k) source from the items list. When you select [company] > Company Maintenance > Company Setup > Status option, the system displays the default Millennium 401(k) status codes and 401k Status Codes sub tab, as shown in Figure 22: Figure 22: Company 401k page, Status option Use this option to define the various statuses available in the 401(k) plan. You define only the status code and its description. You do not define any amounts associated with statuses. Explanations of the columns in the items list are as follows: Status Description The code or ID that represents this particular 401(k) status. The full name or explanation of the status. M3-CoStp401kT-RS-AL-647-01 13
Company Setup 401k Tab An explanation of the field on the 401k Status Codes sub tab follows: Description Use this field to define or change the full name or explanation of the status. Adding Status Definitions To define a new 401(k) status definition: 1. Click the yellow star button in the page header: Figure 23: Yellow star button to add an item The system displays a pop up window in which you define the label for the new status: Figure 24: Dialog to define the name of the new status 2. Enter a descriptive label for this new 401(k) contribution source and click the OK button. The system creates a new status code, adds it to the items list, and puts the cursor in the Description field of the 401k Status Codes sub tab. 3. Fill in the appropriate information for this fund. Removing Status Definitions To remove a 401(k) status code: 1. Click on the status code in the items list so that the line is highlighted. 2. Click the black X button in the page header: Figure 25: Black X button to delete an item The system removes the 401(k) status code from the items list. 14 Millennium 3 Reference Sheet