Total Retirement Service User Guide

Transcription

1 Total Retirement Service User Guide A focus on Plan and Participant Reporting Information provided for plan sponsor use in meeting fiduciary obligations. Not intended for distribution to participants or for use as advertising or sales literature. Copyright 2011 Massachusetts Mutual Life Insurance Company. All rights reserved. RS

2 Information at Your Fingertips This module of the Total Retirement Center (TRC) User Guide describes some of the Plan and Participant Reports available and how to access, save, and print them. Financial i Reports: Cash Receipts Report Contributions and Loans Report Plan Assets Report Summary Balance Report Unallocated Assets Report Participant i treports: Missing Investment Selections Report Participant Balance Report Scheduled Payouts Report Loan Reports: Outstanding Loan Report

3 TRC Home Page > Reports There are 3 ways to access Reports from the TRC Home page

4 TRC > Reports The Reports page is arranged into four categories: 1. Financial Reports 2. Participant Reports 3. Loan Reports 4. Other Reports This guide focuses on the most commonly used reports within the first two categories, Financial and Participant reports

5 TRC > Reports This guide also covers the Outstanding Loans Report. Loan Monitoring is covered on it s own in a separate guide. For additional information on the other reports available here, please contact your Account Manager or appropriate MassMutual associate.

6 Cash Receipts The Cash Receipts Report displays historical contribution, loan payment, rollover and expense payment deposits summarized by type or detailed by date.

7 Cash Receipts Reports can include any data within the last two years. View a Summary of all information within the requested period, or the Details for each transaction, at a Plan or Subscriber level.

8 Cash Receipts Includes a description of the amounts received. For example, Contributions, Loan Repayments and Expense Payments. Keep in mind that the Cash Receipts Report shows amounts deposited at the Plan or Subscriber level and is not an indication that these amounts have been allocated to participant accounts.

9 Contributions and Loans The Contributions and Loans Report displays historical Contributions, Loan Repayments and Rollover amounts that have been allocated to participant accounts. View a Summary of with totals for the requested period, or the Details for each transaction including amounts, payroll effective dates, post dates, description and sources.

10 Plan Assets The Plan Assets Report displays a snap shot view of current or historical assets, listed by investment option or source. The Account (investment option) view provides an overall subtotal, and also breaks down that account by source.

11 Summary Balance Report The Summary Balance Report displays account level financial information by investment option and contribution source for a given date range. This Report can be run at the Sponsor, Plan, Subscriber, or Subset level using the Account Level drop down box. Note: could take a several minutes to generate depending on the scope of the request and size of the plan. After entering your time period and summary preferences, select whether you want to print the report or download the data, then click Submit.

12 Summary Balance Report Once the report generation is complete, you should receive a prompt similar to this, asking you to either Open or Save the file. It is recommended that you Open the file in order to move it into a more usable format (like a spreadsheet).

13 Summary Balance Report When the file appears, select Edit > Select All, then Edit > Copy. You should then be able to paste it into a spreadsheet without any additional formatting.

14 Summary Balance Report Here s an example of the download pasted into an Excel file: The report includes Beginning Balance, Contributions, Loan Activity, Forfeiture Allocation, Transfers, Withdrawals, Forfeiture Withdrawals, Other Activity, Investment Income, and Ending Balance. Note: Clicking the Help (?) icon in the upper right corner, then selecting the Participant Balance Report from the Help screen provides a more detailed breakdown of the transactions within each category.

15 Unallocated Assets The last Financial Report is the Unallocated Assets report. This report displays plan assets that have not been allocated to participant accounts. The report can be generated at the Plan or Subscriber Level and will show current unallocated assets only. You can not request a specific date. This screen print shows that there unallocated assets of $21,158.04, and of those, the largest portion is in the Profit Sharing forfeiture source.

16 Missing Investment Selections Report The first of the Participant Reports is the Missing Investment Selections Report. This displays a listing of participants who have not made an active investment selection.

17 Missing Investment Selections Report This screen shows the report details, it lists all participants p and sources within this subscriber for which no active Investment Selections have been made. For these participants, any allocations to their accounts would be allocated into the plans default investment selection. This report can be useful when you are targeting communications to participants to encourage them to make an active election.

18 Participant Balance Report The next Report is the Participant Balance Report. This is the most commonly used participant report. This displays financial information by Investment Option and Contribution Source on a participant basis.

19 Participant Balance Report - PBR Here s a screen to customize the Participant Balance report. Again this is similar to what we ve seen for other reports. Using the drop down box at the right of the screen you can choose to run the report at the Plan, Subscriber, or Subset level.

20 Participant Balance Report - PBR Using the drop down box in the middle of the screen you can select the period that you want to include, or you can simply enter the beginning and end dates for the report in the section below that. You can run this report for any period up to one year in length and going back two years.

21 Participant Balance Report - PBR Using the radio buttons below Summary By at the left of the screen you can choose what level of detail to include in the report, showing activity by Investment Option and Contribution Source, Investment Option only, Contribution Sources only or simply by Grand Total.

22 Participant Balance Report - PBR Once you made all your selections, you would generate the report by hitting the Submit button at the bottom of the screen. This report is only available in a download format and may take several minutes to complete due to the size of fth the plan or subscriber you are extracting ti data for.

23 Participant Balance Report Once the report finishes you will see the File Download screen as we saw with the Summary Balance Report. From here you should select Open.

24 Participant Balance Report Next you ll receive the data screen and you should select Edit and Select All.

25 Participant Balance Report The data will become shaded and you should select Edit and Copy.

26 Participant Balance Report Open a blank Excel Spreadsheet, and select Edit and Paste into the first cell on the spreadsheet.

27 Participant Balance Report This shows how the Participant Balance Report will look in Excel. You can now format the spreadsheet as needed and save it as an Excel file. It can then be customized and or sorted as required. The report contains information for all participants with account balances or financial activity during the period requested. This report shows separate columns for Beginning Balance, Contributions, Loan Activity, Forfeiture Allocations, Transfers, Withdrawals, Forfeiture Withdrawals, Expenses, Other Activity, Investment Income, and Ending Balance.

28 Scheduled Payouts Report Next we have the Scheduled Payouts report. This report displays terminated participants and the date their account balances were deferred or distributed should no alternative Benefit Election be received.

29 Scheduled Payouts Report Notice that this report shows the participants status, the effective date, and the action date. The effective date is the termination or retirement date. The action date is the date on which the accounts will be distributed or deferred if no alternative election is received. Note :This report will show only participant within this specific subscriber, should multiple subscribers exist, and not for all participants in the plan.

30 Outstanding Loans Report The next report is the Outstanding Loans Report. This displays current outstanding participant loan balances and loan information, sorted by participant or days past due.

31 Outstanding Loan Report Use this report to: Check Loan Balances Research Repayment Amounts Research the number of Loans per participant View Repayment Schedules for Individual Loans View and obtain Payoff amounts, or Make-up amounts for past due loans.

32 Outstanding Loans Report This screen shows the Outstanding Loans Report. The arrow on this screen points to a status summary of all loans in the plan. For example, here we see that the plan has 133 Outstanding Loans, 118 are in good standing, 1 is suspended, 3 are pending default, 7 are in default, and 4 are Delinquent.

33 Outstanding Loans Report The bottom portion of the report displays the detail of each individual loan for each participant. We see here that participant s loan for $1000 : 1. Is in good standing 2. The biweekly payment amount is $ The current balance is $ The loan has a maturity date of July 24 th

34 Outstanding Loans Report In addition to this information, the very bottom arrow points to 3 links with additional information. You can: 1. View a full Repayment Schedule 2. Look at Make-up and Payoff Quotes 3. Use the Loan Administration link to bring you to screens where you can put a participant on Leave of Absence or Suspend a loan

35 Outstanding Loans Report To view the Payoff or Make-up information o simply select the link at the bottom.

36 Outstanding Loans Report This is the Make-up Amount/Payoff screen. Notice the If received by this date column. This refers to the date that MassMutual would actually receive the payment. The Make-up amount due and Loan Payoff Amount columns indicate the amounts required provided d MassMutual were to receive the repayment by the date indicated in the received by column.

37 Outstanding Loans Report The Repayment Schedule link will bring you to the amortization schedule for a particular loan.

38 Outstanding Loans Report This is the Repayment Schedule screen. This will show the payroll effective date, and payment due dates of all repayments previously allocated to the loan, and also will show all remaining repayments due on the loan.

39 Outstanding Loans Report In this screen, you can see the difference between payments that have been received and applied versus outstanding payments. The rows with an effective date populated p indicate payments received, what effective date the payment had, and what due date the payment was applied to. The rows with no effective date populated indicate a payment has not yet been received an applied to the due date. The last payment received on this loan was for the 3/17/2006 payroll date, and applied to the payment due on 3/16/2006.

40 Outstanding Loans Report This screen shows and example of the remaining i repayments due through the final repayment due date on this loan for 7/19/2007. The payments with a dates populated p in the far left column indicate the payment has been received and applied. The payments with no date listed in the far left column are outstanding.

41 Summary TRC reports available on demand 24/7 Most used reports Participant p Balance Report (PBR) Contribution and Loan Report Loan Monitoring Report Outstanding Loan Report Continuous enhancement of report options

42 Questions? Please contact your Account Manager or appropriate MassMutual associate. Proceed to the Help Section of the Total Retirement Center for further information. You may print or send this presentation by: clicking on File, then Print or Send to. Thank you!

43 2011 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. RS