Schwab RT - May 2014 Release

Transcription

1 Schwab RT - May 2014 Release

2 Schwab RT May 2014 Release Agenda Loan Enhancements (Phase 3) High Priority Issues Resolved Automatic Contribution Arrangements Operational Pilot Update Resources to Help You 2

3 Schwab RT Loan Enhancement Summary Multiple Loan Re-Amortization (Recordkeeping ) Loan Repayment Processing w/o Loan ID (Recordkeeping and SchARP) Online Loan Enhancements New information on SchARP Loan Management Dashboard 3

4 Re-Amortization Process -Loan Maintenance Issue : Loan Maintenance only allowed loans to be reamortized individually Solution: Loan Maintenance enhancements that provide the ability to change repayment schedules and process multiple loan re-amortizations at the same time 4

5 Loan Repayment Process - SchARP Payroll and ADTFin Issue : Loan processing did not allow deviant processing unless a loan id was included on payroll file Solution: Loan processing changes that accommodate deviant payments for a participant with multiple loans 5

6 Online Loans - Participant Web Enhancements New Plan Maintenance setting to allow loan modeling per loan type Force re-entry of Account Numbers for ACH and Wire payment options to ensure valid account entry Admin Tool option to require participant to acknowledge Impact of taking loan prior to accepting loan request 6

7 SchARP Loan Management Dashboard Loan Details tab displays the following loan amounts Next Payment Amount Final Payment Amount Payoff Amount 7

8 8 High Priority Issues Resolved

9 Automatic Contribution Arrangement (ACA) Summary Modifications for ACA on Online Enrollment (OLE) Web Enable Transfer, Realignment, Auto-Rebalance, and Investment Election pages for ACA Enrolled Participants - Web Enable Transfer, Realignment, Auto-Rebalance, and Investment Election Modules for ACA Enrolled Participants - RK 9

10 Modifications for ACA on Online Enrollment (OLE) - Web Current state ACA Status mapping when the Keep The Default Option is selected, is to map to Affirm. May Release ACA Status mapping will be to keep the status as No Choice. The value of this modification is that the ACA Status is mapped to the proper code to keep the participant in the ACA program. Current state My Investments page is disabled for participants remaining in ACA program. May Release - My Investments page is enabled for participants that choose to remain in ACA program. The value is that participants can control which investments their contributions are invested while continuing to take advantage of the benefits of the ACA program. 10

11 Enable Transfer, Realignment, Auto-Rebalance, and Investment Election Pages for ACA Enrolled Participants Current State Transfer, Realignment, and Auto-Rebalance pages are disabled for ACA Enrolled Participants. Investment Election page is inquiry only. May Release - Transfer, Realignment, Auto-Rebalance, and Investment Election Pages are enabled and functional for ACA Enrolled Participants. The value is that participants will be able to choose where their contributions are invested, as well move their money into the investments that best fit their retirement goals. 11

12 Enable Transfer, Realignment, Auto-Rebalance, and Investment Election Modules for ACA Enrolled Participants - RK Current State Transfer, Realignment, Auto-Rebalance module is disabled for ACA Enrolled Participants. Investment Elections may change ACA Status. May Release - Enable Transfer, Realignment, Auto-Rebalance, and Investment Election modules for ACA Enrolled Participants. The value is that RK users can process Transfer, Realignment, Auto-Rebalance, and Investment Elections for ACA Enrolled participants. A D T F I N C C

13 High Priority Issues Resolved - Operational Residual Units Where Dividend and Accruals Impact Eliminates manual review of un-invested cash reports, identifying the transaction that caused the cash and creating manual transactions to give a penny to a random participant in the plan. Clients with multiple RPA IDs will generate multiple AD&D files Where AD&D Module Impact If users have multiple RPA IDs associated with TDI link 40, multiple AD&D files will be created and will need to be sent to CSTC 13

14 Eligibility Reporting - Performance Where RK Eligibility and SchARP business activity: Performance Issues resolved. Impact New Exceptions Only Report is available via the Resource Center (RK and SchARP) Existing Full version of eligibility report are also available via Resource Center User may download and copy which set of reports to use for Eligibility reporting There is no Day 1 Impact, current reports remain in use Instructions available in May Release Notes on switching to new reports 14

15 High Priority Issues Resolved Usability Plan and Participant Search Where Numerous RK modules (listed below) Impact Easier way to select your plan: Displays Plan ID, Short Name and Plangroup Easier way to locate participants across plans: Displays Plan ID, SSN, Address, DOB and Plangroup 15

16 16 Pilot Update

17 Pilot Update 2014 Smart Status Codes Starting back up after June 24th Re-engineering the Smart Status Codes to address performance Contact for more information 17

18 Resources to Help You schwabrt.com Resource Center What s New 1. Schwab RT May 2014 Release; 5/8/14 presentation and recording (Ben Lee) 2. Schwab RT Product Feature Update (May 2014) 3. Schwab RT May 2014 Issue Resolutions (complete list) 4. Schwab RT Loan Management User Guide (Scheduled for May 20) 18

19 Thank you Contacts: The Corporation provides services to retirement plans and participants through its separate but affiliated subsidiaries: & Co., Inc., Bank, Schwab Retirement Plan Services, Inc., Schwab Retirement Plan Services Company and Schwab Retirement Technologies, Inc. (Schwab RT). Schwab RT is engaged in developing and licensing proprietary retirement plan recordkeeping systems to independent Third Party Administrators Schwab Retirement Technologies, Inc. All rights reserved. 19