overview of massmutual tpa extract files · allocated link will look for a loan account which...

Retirement Services

Overview of MassMutual TPA Extract Files

Michelle DeDominicis & Abigail FarrarMassMutual Retirement ServicesJanuary 26, 2012

RS-19164-01 01/13

Agenda

What is an Extract FileBenefits of using Extract FilesSupported Vendor File FormatsReporting FrequencyAd Hoc FilesImport InstructionsBalancing to MassMutual ReportsBasic trouble shootingLevel of support provided by MassMutualImporting MassMutual Extracts into Relius AdministrationQuestions/Best Practices

What is a TPA Extract File?

Text files that contain the plan’s participant data provided by MassMutual

Point in time, participant level financial information

Three Supported vendor types

Why do our clients use extract files?

TPAs use extract files to:

Maintain an accurate accounting of financial activities for participants in their plans

Update record keeping software used by their shop with MassMutual’s transaction information

Reconcile their records while performing both day to day administration, and year end processing

Supported Vendor File Formats

TPAs typically use recordkeeping software, to track financial activity taking place within their plans.

MassMutual supports formats for each of the following software vendors:

ReliusDatairASC

Reporting Frequency

The available options are:MonthlyQuarterlySemi-AnnuallyAnnually

While several options exist, it is encouraged to run the files no less frequently than Quarterly.

Cash vs. Accrual

Files run on a cash basis, therefore:

Capture transactions posted within reporting period

May contain transactions with effective date outside of reporting period

Adjusted transactions will show in the reporting period in which the adjustment posted

Periodic File vs. Yearly File

There is an option to run a separate file after the close of the plan year to capture accrual information

Generally run for the first 45 days of the plan year to capture any of the prior year contributions that may be in transit.

The only frequency for this file is annual.

Ad Hoc Files

Can be requested from Account Manager

Will be available the following business day

Should not be requested unless there is an urgent need

Important Note:Ad Hoc files can not be requested until the business day following the day the adjustment posts.

Location of TPA Extract Files

The TPA Extract files are located on the Total Retirement Center on the File Transfer Screen. From the TRC Home Page:Select File Transfer from Quick Clicks drop down menu

Import Instructions

Once the file has been located, save it to your computer, and load it into the record keeping system as instructed by the vendor.

Important Notes:These files are run on a cash basisFiles must be brought in chronologicallyInformation is cumulative, therefore, all files must be brought inImporting duplicate files will produce incorrect ending balances in TPAs system

While the extract files run on a cash basis, Relius, Datair, and ASC have the ability to filter the information on an accrual basis.

Balancing to MassMutual Reports

The MassMutual report that should be used to balance with the extract files is the

Participant Balance Report or the Detailed Balance Report

The PBR and DBR run on a cash basis, with post dates driving the reportingThe PBR and DBR must be run for the same point in time as the extract file

Balancing to MassMutual Reports

Information Source

Investment Income

Administrative Expenses

Extract File Reported NET of plan expenses

Expenses deducted from investment income not shown

Participant Balance Report/Detailed Balance Report

Reported NET of plan expenses

Expenses deducted from investment income not shown

Participant Accounting Report

“True” Rate of Return Reported

All expenses shown

Basic Troubleshooting

Keep the following in mind when trying to balance :

Information is presented on a cash basis

All files must have been brought in in chronological order

Duplicating files will cause difference in balance

Basic Troubleshooting cont.

If you need to request assistance from your Account Manager, be sure to provide them with the following information:

First period you are out of balance

One participant that is out of balance

Source/Investment option that is out of balance

Dollar amount

MassMutual Support

MassMutual generates the reports for TPAs to use. We will ensure the following:

Run files in the correct format

Run files in the correct frequency

Ensure information in extract file balances to information on the Participant Balance Report

Explain how to import files

Explain the transaction/source/investment codes

© 2012 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

www.sungard.com/relius

Presented byRelius Administration Support


Importing Mass Mutual Extracts into Relius Administration

RELIUS ADMINISTRATION

Trade Agent

Access - Utilities>Trade Agent/Custodian Update

Optional – filter used when importing plans

Reserved name for Allocated Link - Mass Mutual

Investment Table - Adding Investments

Global table -investment added is available for all plans.

Set up cash investment ($1.00 per share, precision of 2) if selecting “import into one fund”. Fund ID could be set up as CASH or MAMUTUAL (9 characters total)

Investment Table - Adding Investments

Maintaining investment breakdown in Relius requires setting up all investments used at Mass Mutual

Example Government Money Market Investment Fund ID MUST be “SIA-U”.

Employer - Setting up

Access - File> New>Employer

-Required Information-Company Data Tab:

Name, EIN, Business Entity, Fiscal Year End

Payroll Tab:Payroll Schedule and

Actual Payroll frequency

Employer - Setting up Divisions

To create Divisions -Select Division Tab, Click on Edit > Add Division.

Enter Division Code and Division Name (user defined).

***Do not modify Default division

Employer - Payroll

Enter the desired payroll schedule. (Multiple pay schedules are allowed)

Enter payroll frequency to be used for loan amortization.

Employer - Payroll, Multiple Schedules & Division Tracking

Ability to track payroll, contribution and loan payments by division (used in DVC and Census DER)

Once all divisions have been marked as imported, the payroll period will be marked as imported.

Plan Specs - Setting up a new plan

Access - File>New> Plan

Ability to create plan specs from an existing plan (template)

Ability to copy existing plan accounts from existing plan

Link plan to existing Employer

Plan Specs - Dates screen

Enter valuation date (end of plan year in

Defined Contribution plans)

Verify dates, limitation year

Plan Specs - Plan Entry Requirements

Enter hours required for plan entry, wait period, min age.

Enter entry dates, class exclusions, etc.

Plan level entry requirement should be the most liberal entry requirement.

More restrictive entry requirements should be overwritten at source level.

Plan Specs - Adding Trade Agent

In Plan Specifications, go to the Account Definitions form.

Trade Agents tab to Add the Mass Mutual Trade Agent – if desired. Remember—it is optional

Plan Specs – Trade Agent Plan ID

Trade Agent Plan ID MUST be entered.

It’s required for Mass Mutual, the Trade Agent Plan id is the plan contract at Mass Mutual

Plan Specs - Adding Sources

Determine the number of sources, restrictions, vesting schedules

Vesting schedules need to be assigned to employer sources, immediate for employee and safe harbor

Add Source level entry, allocation requirements and allocation formula if plan level needs to be modified for any source

Plan Specs - Sources

Ability to set up more than one of the same source, e.g., two employer sources.

Safe Harbor Plan (3% Non-Elective), use Employer source, designate as a ADP Safe Harbor source.


Determine the number of sources, restrictions, vesting schedules

Vesting schedules need to be assigned to employer sources, immediate for employee and safe harbor

Add Source level entry, allocation requirements and allocation formula if plan level needs to be modified for any source


Deferral source


Safe Harbor Employer TypeImmediate Vesting


Loan Source

(More on this later)

Plan Specs - Sources

Each source will map to a money type selection in the link.

Plan Specs - Investments

Allocated Link -Importing into one fund, designated fund needs to be listed as cash investment

Plan Specs - Investments – SIA-U

Government Money Market Investment

Plan Specs - Investments - Assign trade agent

Assign at least one plan investment to the “Mass Mutual” trade agent. (If using this option)

Plan Specs - Investments

Allocated link requires a loan investment be setup for the loan account

Plan Specs - Loan Source

If the Loan source is added to the plan, the allocated link will look for a Loan Account which contains the Loan source and Loan investment fund.

If the Loan source is added to the plan, the vested balance on the loans will be zero. The system will look to the loan module for vesting.

Plan Specs - Setting up Accounts

Accounts are the combination of a Source/Fund combination. A plan should not have a duplicate account with the same Source/Fund combination

The Account Generator is an easy way of generating corresponding accounts

Plan Specs - Setting Up Accounts

Account Generator will not duplicate Source/Investment.

Name of Account will be a combination of Source name and Investment name

Allocated Link

Select Vendor (Mass Mutual)

Select Import file directory/import file

Select Transaction Date/Beginning Balance Date

Select Plan(s)

Create Vendor and/or Plan Defaults

Allocated Link

Plan & Vendor Defaults are optional tools that can be used to set certain import settings as desired

Vendor defaults provide ability to set transaction exclusion based on company rules for Mass Mutual

Allocated Link

Be sure to select ALL appropriate sources / money typesSelect the Relius

Administration source (Source Name column) to map to all sources used under the Mass Mutual LinkPlan defaults will

override vendor defaults

Allocated Link

Select continue once all options have been chosenThis allows previous

plan or vendor defaults to be changed.System will prompt

user to save any changes to the screen

Allocated Link

Import file progression bar and progress complete prompt

Allocated Link

Errors and warning file generated.User should always

review errors and warnings

Allocated Link - Error and Warning Report

Allocated Link - Errors and Warning

Ability to Cancel import or Continue import. Severity of errors/warnings

Allocated Link - Reports

Audit reports, ability to verify results of import. Totals by source, fund and transaction type

Allocated Link - Totals by Source Report

Allocated Link - Totals by Fund Report

Allocated Link - Total by Transaction Type Report

Allocated Link

Transaction generated for import.Ability to reverse

transaction to remove imported data and Allocated Link transaction.

Allocated Link Export

3 available options1.Contributions, forfeitures & loan payments2.Enrollment information for new employees3.Enrollment information for all employees


Transaction date rangeSelected plan or

plansSource mapping

also needed—duplications not allowed


Process continues

Prompt when complete

Error log available for review


Export Error Log


Export File Itself


Enrollment Export

Options are the same—one plan or several with date range

Only date range needs to be entered.


Error log generated after processing

File generated

Relius Administration Version 17

Newest Version Available SoonMajor Changes in Plan Specs and Other AreasNO Changes to Allocated Link Program


Relius Administration Supportwww.sungard.com/relius

Questions?

RELIUS ADMINISTRATION

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