Plan Level Enrollment Passcode

Transcription

1 Schwab RT Schwab Retirement Technologies, Inc.

2 February 21, 2013 The material contained herein is proprietary to Schwab and for informational purposes only. The information is not intended to provide tax, legal or investment advice. Schwab does not guarantee the suitability or potential value of any particular information source. Certain information presented herein may be subject to change. The information or material contained in this document may not be copied, assigned, transferred, disclosed or utilized without the express written approval of Schwab. The Charles Schwab Corporation provides services to retirement plans and participants through its subsidiaries: Charles Schwab & Co., Inc. (Member SIPC), Charles Schwab 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. For further information, contact Schwab Retirement Technologies, Inc. at 4529 Sharon Road, Charlotte, NC 28211, USA. Web site: schwabrt.com Schwab Retirement Technologies, Inc. All rights reserved.

3 Plan-Level Passcode for Self-Enrollment Summary The plan level passcode enhancement allows new participants to use a plan-specific passcode, provided by the Recordkeeper, to log on to the Schwab RT Web where they can enter their name and date of birth, create their own password, and enroll themselves in the system. Assigning the Plan Passcode As the first phase of a project, released in December, 2012, a field was added to the VRS/OPI window in Plan Maintenance. The Plan Level Enrollment Passcode field accepts from 1 10 alphanumeric characters and must be unique. The passcode is case sensitive and cannot include symbols. If you enter a passcode that is in use by another plan, the system will not allow you to save it, displaying a message that identifies the plan to which that passcode is assigned. February 21, 2013 Schwab Retirement Technologies Page 3 of 6

4 Self- Enrollment On the Web The second phase of the project, included in this release, allows new participants to log in to the Web using their Social Security number and plan passcode (instead of PIN). Depending on the Social Security number and passcode entered on the logon page, the system responds in one of the following ways: Participant SSN Plan Enrolled Passcode in Plan? Alternate ID? System Response New to system Valid No No Create new participant and allow enrollment in plan. New to system Invalid No No Show error message on login screen; do not permit enrollment with invalid passcode. Exists in system Valid Yes No Show error message. Participant is already enrolled in the plan and must use existing valid PIN or password, not the passcode, to login. Exists in system Valid No No Create new participant and allow enrollment in plan. This participant is already enrolled in another plan. Exists in system Valid No Yes Create new participant and allow enrollment in plan. This participant is already enrolled in another plan with an Alternate ID defined in Schwab RT Admin. At next login, user must use Alternate ID instead of SSN. February 21, 2013 Schwab Retirement Technologies Page 4 of 6

5 Self- Enrollment On the Web (cont.) If the new participant s Social Security Number and passcode are accepted, the New Participant Enrollment page appears, as shown below. The participant must enter the First Name, Last Name, Birth Date, and then create a PIN or Password, based on plan rules. When the information is submitted, the new participant record is created and assigned a status of Eligible to Enroll. Default investment elections, if applicable, are created based on the date of birth entered by the participant. The new password is created immediately, and the plan passcode becomes invalid. The participant is then guided through the Online Enrollment process. The participant s name and date of birth are automatically populated on the My Information page. If image-based enrollment is enabled for the plan, the selection of the participant s secret image or images occurs during the next login after the enrollment process is complete. Notes: If the participant logs off without providing the required information, the participant record in NOT created and the New Participant Enrollment page will be presented again the next time the participant logs in with the plan passcode. If running Data Validation test 27 Missing Date of Participant or Eligibility, selfenrolled participants will fail the test until the missing date is provided by the recordkeeper. The division code for all plans defaults to zero so all self-enrolled participants will be assigned to Division 0 until a different division is assigned by the recordkeeper. February 21, 2013 Schwab Retirement Technologies Page 5 of 6

6 PLP Report In SchARP Report Generator (or Recordkeeping CP50), a new report (PLPParticipantData.rpt) is available that shows all self-enrolled participant records for a specified period. The workflow parameters for the report let you select specific plans and specify the number of past look back days to include in the report. February 21, 2013 Schwab Retirement Technologies Page 6 of 6