Understanding the Plan Profile and Updating Information

To watch the video, click here: https://loom.com/share/65fc9ac56c7b46b188a11a8ccc64d9ed

Step-by-Step Instructions

1. Accessing the Profile Page 0:02

• Navigate to the 'Plans' section.

• Click on the actions arrow next to the desired plan.

• Select 'Profile' to view the high-level snapshot.

 

2. Overview of Profile Information 0:27

• The profile page provides a summary of key plan information.

• You can input details such as:

  • Client inception date

  • Fiduciary status (e.g., 3(38) at plan level, 3(21) to participants)

  • Referral source and contact information.

 

3. Client Segmentation 1:01

• Create and manage client segments (e.g., Segment A, B, C).

• Assign clients to segments for better organization.

 

4. Current Plan Data 1:25

• View plan owner and current plan data.

• Data includes:

  • Assets

  • Participants

  • Record keeper and TPA information.

  • Participation Rate, Average Deferral Rate and Total Investment Options (if updated in Plan Statistics)

 

5. Updating Current Plan Data 1:50

• Check the 'as of' date for current data.

• Click to update data if necessary.

• Scroll down to view Plan Statistics by Year at the bottom of the Features Page

 

6. Manually Updating Assets, Participants, Recordkeeper, TPA and Other Stats 2:08

• Scroll to bottom of Features page to Plan Statistics By Year section (clicking the pencil icon from the Profile page should take you here automatically)

• Update assets, participants, RK and TPA by quarter 

  • Note - If using Fi360 integration, this should update automatically when you complete monitoring reports in FI360

• Add metrics such as:

  • Participation rate

  • Percent of assets in Target Date Funds (TDF)

  • Average deferral rate.

 

7. Auto-Calculations 2:29

• The system auto-calculates:

  • Average account balance based on updated participant and asset data.

 

8. Managing Record Keeper and TPA 3:08

• Assign the plan's recordkeeper and TPA 

• Save changes to the profile.

 

9. Assigning  Plan Contacts 3:45

• Add committee members and contacts for recordkeepers and TPA to the plan.

 

10. Plan Design Section Overview 4:06

• The plan design section rolls up certain information from plan features for a quick snapshot.

 

11. Fee Information Section Overview 4:06

• The fee information section rolls up information from Fee History for a comprehensive snapshot.