SCHWAB RT Report Tax Map Migration to Recordkeeping Database

Transcription

1 SCHWAB RT Report Tax Map Migration to Recordkeeping Database Schwab Retirement Technologies, Inc.

2 Schwab RT Report Tax Map Migration Last Update: June, 2014 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. Schwab Retirement Technologies

3 Report Tax Map Migration to Recordkeeping Database Summary The August, 2014 release will include an option to migrate all your active Report Tax Maps to the Recordkeeping database at the same time. Why migrate your Tax Maps? The Tax Maps are currently stored in text files that can accidentally be modified in ways that make them invalid. By moving them to the database, the integrity of the Tax Map data can be enforced by the application and the database. In a future release, these Tax Maps will also facilitate performance enhancements in modules such as Allocation Report, Statement Generator, SQL Extract, and others. The option to migrate is presented as soon as you launch the Code and Map Maintenance module and attempt to select a Report Tax Map. If you accept the option to migrate, the system migrates only those tax maps currently being used by a plan to RKDB. Unused tax maps are archived in a location where you can access them in the future and migrate them if needed. After the migration is complete, a report is produced that identifies duplicate maps, invalid columns, and other migration information. In addition, a SchARP report is available to show the tax map being used by each plan. Best Practice: We recommend that you review your Report Tax Maps for required categories, and duplicate or invalid tax codes before the migration begins. Note: Schwab RT supports tax maps Definition The Report Tax Map is used to define tax code relationships for the following types of reporting activities: Required Activity The report tax map's required information (gain/loss, contribution, withdrawal, and forfeiture) appears on the top section of the report tax map text box. This information indicates the location (column number) on a report or super statement where the activity prints. Report Heading Located directly below the required activity information, tax codes are assigned to report heading locations. This information is used to determine the tax codes represented in a report heading. June, 2014 Schwab Retirement Technologies Page 3 of 9

4 Migrating All Active Report Tax Maps Following upgrade to the August release, you can migrate all your active Report Tax Maps to the database using the following procedure: 1. In Recordkeeping, open Code and Map Maintenance/C003, located in the Global Maintenance folder. The following window appears. 2. Click the Migrate button next to the Report Tax Map field. Note: If you attempt to select a Tax Map, the following message appears: Report Tax Maps must be migrated to the database in order to be modified. 3. When the following message appears, click Yes to migrate all active Report Tax Maps. The following message appears: Report Tax Maps successfully imported to the database! June, 2014 Schwab Retirement Technologies Page 4 of 9

5 Migrating All Active Report Tax Maps (cont.) After the Migration takes place, the Migrate button changes to Insert for the Copy and Insert Report Tax Map functionality. You can now select/modify/view all migrated (active) Tax Maps from the Report Tax Map dropdown. All unused Report Tax Maps will be moved to the ArchiveTaxMaps folder in the XXXRECBTV folder. Note: If No is selected on the migration prompt, the tax maps will not be migrated. If you close the module and re-launch it, the same prompt will reappear, providing additional opportunities to migrate all maps. It s not necessary to migrate your tax maps immediately; however, if you don t, you ll no longer be able to view the tax maps in the Code and Map Maintenance module you ll have to view/modify the maps directly in the.pas file. June, 2014 Schwab Retirement Technologies Page 5 of 9

6 Migration Report After the maps are migrated, the Report Tax Map Migration Report appears, identifying any report tax maps that encountered issues during the migration. The report will generate exceptions for Tax Codes mapped to multiple columns, multiple categories, and invalid categories. A portion of a sample Tax Map Migration report appears below: June, 2014 Schwab Retirement Technologies Page 6 of 9

7 Migrating an Unused Tax Map If you find that you need to migrate a tax map that was not migrated (due to not being used by any plan), do the following: 1. Copy the unused tax map from the ArchiveTaxMaps folder back to the XXXRECBTV folder. Note: A report tax map is considered used in the system if it is the Report Tax Map or Certificate Tax Map used in any plan or if it is the Compliance Tax Map defined in RK SQL System Maintenance/ C282 under Compliance Settings. 2. In Code and Map Maintenance, select the unmigrated Report Tax Map from the dropdown and click Yes when the following migration prompt appears: 3. Since the tax map is not currently used by any plan, a second prompt will appear to confirm your intent to migrate it. Click Yes to migrate the unused map. Notes: After migration is complete, only Tax Maps that have been migrated can be copied. Once you migrate a single map, the option to migrate all maps will not reappear. June, 2014 Schwab Retirement Technologies Page 7 of 9

8 Default Categories If required Categories are not present in the existing tax map, they will be defined using the following defaults: Contribution= 9 Forfeiture= 3 Withdrawal=2 Gain/Loss=10 Database vs. PAS Files Following migration, any changes to the Report Tax Maps made in the Code and Map Maintenance module will automatically be made in the corresponding.pas files. However, changes made directly to.pas files will not be updated in the database. After the migration, if your tax map.pas file contains other verbiage, that verbiage will be retained in the.pas file but will not be in the database. Schwab RT will keep the database and.pas files synchronized until a future date, to be announced. Tax Map Report The Header Taxmap SetupXI.rpt shows which tax maps are being used by which plans. You can run this report using SchARP Generate Reports workflow or via the Report Generator/CP50 module in Recordkeeping. Validation Period After the tax maps are migrated, there will be an initial validation period during which the reports produced in Recordkeeping will continue to use the.pas files to generate the reports, not the database tables to which the.pas files were migrated. At a future date, to be announced after validation is successfully completed, the reports will be generated directly from the database. Migrated Data for Custom Reporting When building custom reports in the future, you can access Report Tax Map data in the following database tables: Database Table Description TaxCatReport... Lists Categories TaxCodeReport... Lists Tax Codes Tax MapReport... Derived from RPTTAX.PAS. Header table for tax map file name. TaxColumnReport.. Indicates which Tax Codes match the reporting columns. These are the 15 columns of the allocation report that are populated in the statement generation type functions. Replaces the field= portion of the RPTTAX1.PAS file. June, 2014 Schwab Retirement Technologies Page 8 of 9