Information you need to manage your plan

Transcription

1 A Reports Overview for Plan Sponsors Information you need to manage your plan Online access to standard and periodic reports Standard reports To help provide convenient, easy access to your plan information, MassMutual is pleased to offer online reporting through the Plan Sponsor website, Plan Access. A wide variety of administrative reports are automatically available or can be requested on demand at any time. Automated reports are available online for 90 days after the original run date. Report name Automatic On demand Automatic report availability Age 701/2 ~ 10 business days after quarter end Automated Loan Amortization Schedule day after loan is issued Contribution Cutoff as agreed upon by plan Contribution Report ~ 10 business days after quarter end Daily Distribution Report ~ 10 business days after quarter end Daily Plan Level Transaction Report day after activity occurs Defaulted Participant Report ~ 10 business days after quarter end Enrollment Projection as agreed upon by plan Excess Deferral Report ~ 10 business days after quarter end Loan Status Detail Report ~ 10 business days after quarter end NCOA Updated Participant Address Information ~ 35 business days after quarter end Negative Contribution Detail Report day after payroll posted Negative Contribution Summary Report day after payroll posted Outstanding Distribution Checks last day of each month Outstanding Loans Report ~ 10 business days after quarter end Pending Enrollment Cutoff as agreed upon by plan Plan Forfeiture Report ~ 10 business days after quarter end Roster Turn Around Report day after payroll posted Separation Detail Report ~ 10 business days after quarter end Vesting Status Detail Report ~ 10 business days after quarter end Needs-based Strategies FOR PLAN SPONSOR USE ONLY.

2 To view your reports, log onto Plan Access and select Reporting from the top menu bar, then select the Standard Reports subtab. By default, reports from the past 10 days will display. To view reports for a different time period, click Show Filter to expand your search options, select your desired time period, and click Filter Reports. Both automated and on demand reports may be accessed in this manner. On the same page, you are able to set the frequency with which automated reports are run by selecting Report Settings. To request a report on demand, simply select Request an On-Demand Report from the Standard Reports page. Plan Summary Report Your Plan Summary Report provides transactional information for the given period at both the plan and participant levels. The Plan Summary Report for the prior calendar quarter is automatically produced on or about the tenth business day following the end of the quarter and will remain on Plan Access until the next quarterly report is produced. You are also able to request a Plan Summary Report on demand at any time. To create a Plan Summary Report in your Plan Access account, go to Reporting > Plan Summary Reports and click Request a Plan Summary Report at the top of the page. To view a Plan Summary Report either the version produced automatically or one that you requested go to Reporting > Plan Summary Reports. All available versions will display on this page. Your Plan Service Review Your Plan Service Review is automatically posted to Plan Access on or about the twentieth business day following the end of the calendar quarter. To access your Plan Service Review, go to Plan Administration > Plan Information, and select Plan Documents. Your Plan Service Review can be found under the Reports folder. Your Plan Service Review may include the following reports: asset and contribution allocation by investment vehicle assets by investment category asset allocation by money type cash flow summary plan assets and participants participant investment diversification participants invested in one investment vehicle asset allocation by age diversity participation rate average deferral rate pre-tax contribution percentage distribution activity loan summary net exchange activity Participant Retirement Access statistics Plan Sponsor Access statistics Voice Response statistics investment vehicle performance quarterly investment vehicle performance estimated operating expenses fee schedule 2 FOR PLAN SPONSOR USE ONLY.

3 Tap into the power of Custom Reports. In addition to your standard downloadable reports, Plan Access offers an enhanced, easy-to-use Custom Reports feature. Custom Reports is a powerful search engine that allows you to run reports, sort data, drill down into transactions, and download information into an Excel file. Once you ve run your report, you also have the option to save your search criteria, so you can run your report again at any time. We supply the data. You choose the terms. If you re looking for information that is not readily accessible from one of your standard quarterly reports, you can use Custom Reports to build your own report. Custom Reports gives you the flexibility to choose the reporting criteria you need to run customized reports in real time. To start, you will need to select whether the information you need is on a plan level or a participant level. Generally speaking, you will use Plan Searches when you want rolled-up financial information, such as plan-level transactions for the date range you select total assets in a given investment option or money type total dollar amount contributed year to date Participant Searches allow you to customize your report to an even deeper level of detail, and include a range of search criteria such as census, financial, loan, compliance and transactional information. In each of these sections, check the Search box to select the criteria for narrowing down your search, and check the Show box to select the data fields you want included on your report. FOR PLAN SPONSOR USE ONLY. 3

4 Case study Finding participants invested in a specific investment option. Your investment committee is considering removing an investment option from your plan s lineup. They want to know the extent of the impact this will have on plan participants who may need to change their investment elections. You need to provide the committee with a list of all employees who have money in the ABC Investment. Your standard reports include every participant in the plan, but you don t have time to look through every page of the plan summary report. Here s where Custom Reports come in. 1 On the Participant Searches page, click Request a Custom Participant Report to start your search. On the request screen, scroll down to the financial criteria section and click the Search box next to Vehicle Balance. A list of all the available investment options in your plan appears. 2 You select ABC Investment and click Add to add it to your search criteria. From the dropdown box, you select Greater Than and input 0 to set the range of balances that you want included. 4 FOR PLAN SPONSOR USE ONLY.

5 3 You also click the Show box next to Vehicle Balance so that each participant s balance in the investment will be included in your report. Custom reports will always include the name and SSN of any participants that meet the search criteria. In this case, you also want to know if they are active participants or terminated participants. 4 Open the Census section to locate Status as one of your search criteria. Because you don t want to exclude anyone based on status, you don t need to click the Search box. To have status included on the report, you just check the Show box next to Status. After you ve chosen all of your search criteria, click Run Report, and the results will appear on screen. Click the Download to Spreadsheet link if you d like to save the results in an Excel file. Set up once, search many times. After you run your report, you will see a box at the bottom of the results page that says Do you want to save this search criteria? Type in a name for your search, and select Save Search. Now when you go to the Custom Reports page, you ll see your search in the Saved Searches list. To rerun your report, select your saved search from the list, and click Run Report on the request screen. All your search criteria will be filled in for you. Click once, and get your results. FOR PLAN SPONSOR USE ONLY. 5

6 Get in the driver s seat. Try Custom Reports on for size. For a hands-on experience, log in to Plan Access and use the previous case study to help you run a sample report of all the participants in one of your plan s investment options. Once you ve tried using the tool, you will find that your reporting options are virtually endless. The chart below illustrates a small sampling of useful information you can collect using Custom Reports. To begin the searches below, go to Reporting > Custom Reports. From the Participant Searches section, click Request a Custom Participant Report. Report type Address files Any participant with a balance in the plan All active loans with a payoff date in the upcoming quarter Deferral rate review Census review Criteria to select In the Census section, click Show next to Employee Address. On the results page, click the Download to Spreadsheet link and download the file as a CSV file. The file will automatically open in Excel if the program is installed on your computer. Save your address file to a local drive. Need to send a mailing to active participants only? When running your query, check Search next to Status and add Active as the status criteria. In the Financial section, click Search and Show next to Portfolio Balance. Select Greater Than from the dropdown box and input 0. In the Loan section, click Search next to Status and add Active as the loan status criteria. Enter the current date in the As Of date box. Click Search and Show next to Loan Payoff Date and enter the date range of the upcoming quarter (between X and Y dates). Check Show next to any other data you would like to include, for example current loan balance or last payment date. In the Census section, click Search and Show next to Pre-Tax Contribution %, and if applicable, Post-Tax Contribution %. Select Greater Than and input 0 to run a list of all participants with a deferral rate stored in the system. To see deferral rates for all employees including those who are not contributing simply select Show next to Pre-Tax Contribution %. To exclude terminated participants, check Search and Show next to Status and select only the statuses you would like to see. To verify data on MassMutual s recordkeeping system, you may wish to run a participant census report. To review all employees, you don t need to select any search criteria. Simply click Show next to the fields you would like to see in your report, and click Run Report. Common items you may need to review include: participant status, vesting percentage, date of hire, contribution rate. 6 FOR PLAN SPONSOR USE ONLY.

7 Report type Terminated employees with balances under $5000 Participant Vesting Report Participant Deferral Report Criteria to select In the Financial section, check Search and Show next to Portfolio Balance. Select Between and input.01 in the first box, and 5000 in the second box. You can adjust the Portfolio Balance here to run reports for participants with balances less than $1000, or for participants with balances between $1000 to $5000 as well. Click the Show box next to status in the Census section. To limit the report to terminated employees, click the Search box next to Status and click Terminated. Select All dates for the date range. Need to send a mailing to these participants regarding automatic rollovers of their balances? Click the expanded search link located at the top right side of the page to open up additional census criteria, and then check off Show next to Employee Address. Download your search results into Excel for a ready-made address file. In the Census section, click Show next to Vested Percentage. In the Financial section, click Show next to Portfolio Balance. Run your search by clicking the Run Report button at the bottom of the screen. In the Census section, click Search and Show next to Status, then check the boxes for Active and Eligible. Check the Show boxes next to Pre Tax Contribution %, Pre Tax Contribution Dollar Amount, Roth Contribution %, and Roth Contribution Dollar amount, as applicable. Run your search by clicking the Run Report button at the bottom of the screen. If you have any questions or need further assistance, please contact your MassMutual representative at FOR PLAN SPONSOR USE ONLY. 7

8 FOR PLAN SPONSOR USE ONLY 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 C: