for investment professional use only. not for public distribution. job number 00/00 contribution...
TRANSCRIPT
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For investment professional use only. Not for public distribution.Job number 00/00
Contribution Processing OptionsGuided Payroll Overview
November 2014
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2For investment professional use only. Not for public distribution.Job number 00/00 INTERNAL USE ONLY
Table of Contents
A.Defining Contribution Processing Options
B.Guided Payroll
C.What will change
D.Guided Payroll - 4 Step Process
E.Taking Guided Payroll to the next level
F.Communication Plan
G.Got questions?
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3For investment professional use only. Not for public distribution.Job number 00/00 INTERNAL USE ONLY
Key Take-a-ways…―PSC Manual Data Entry is now enhanced and called Guided Payroll
―We offer a suite of 3 different Contribution Processing Options• Payroll Bridge PDI file from Payroll vendor• Payroll Data Interchange (PDI) PDI file from Employer• Guided Payroll Enter into PSC
―Same services available with any Contribution Processing Option
―Available at the Division level and only have access to their own information
―Guided Payroll Launch impacts ALL plans• PDI and Bridge plans with PSC tab name change• PSC Manual Data Entry is now Guided Payroll
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Defining Contribution Processing Options
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What are our Contribution Processing Options?
Guided Payroll is a solution in PSC,
designed to make contribution processing easier,
particularly for small and
multi-employer plans.
Payroll Data Interchange (PDI)Plan uploads payroll file
Payroll BridgePayroll vendor uploads payroll file
PSC Manual Data EntryEntering payroll information via
the Plan Service Center
Enhanced!!
Services available with PDI or Payroll Bridge, also available with Guided Payroll
Guided PayrollEntering payroll information via
the Plan Service Center
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Contribution Processing OptionsSide by Side Comparison
Payroll Bridge Payroll Data Interchange (PDI) Guided Payroll
Overview File from Vendor File from Employer Input into PSC
Suitability Payroll Vendor < 200 ppts
Fees Typically No No
Initial Data Input Payroll Vendor Employer Record Keeping System(may require editing)
Data Clean-up Warnings
Additional Services Yes Yes Yes
Plans with multiple employers or sub-divisions will likely have a mix of contribution methods by employer
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Guided Payroll
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Guided Payroll = simplified contribution processingUser-friendly allowing plan sponsor to update employee data from a single screen, with pre-populated
employee data for easier editing and updates
Intuitive offering alert indicators and help tips to ensure all necessary data is provided; the data fields for the services specific to each plan will be shown
Value-added providing the option to export data reporting for other applications or records
The feedback from plan sponsors and TPAs who have taken part in a Guided Payroll demo has been universally positive,
including comments like:
How easy it will be to make employee additions and edits. How seamless the transition from the manual process will be because
it’s so intuitive. How much time it will potentially save them as they generate reports
for other uses.
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What will change?
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What will Change?
“Contribution” tab will be relabeled “Process Center”
The system will pre-populate participant information
Only the columns for the services specific to each plan will be included
This change will impact all plans regardless of Contribution Processing
Option
Alert indicators will ensure all necessary data is provided
PSC Manual Data Entry plans will automatically be moved to Guided
Payroll
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Guided Payroll4 Step Process
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Manual PSC today
― Add Employee – Employee Tab― Edit Employee – Employee Tab― Contributions – Contribution Tab
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PSC with Guided Payroll (GPP)
• Guided Payroll :― Add Employee – Process Center Tab― Edit Employee – Process Center Tab― Contributions – Process Center Tab
Enhanced!!
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4 Step Process Tab Name Change for All Plans
Guided Payroll is available by Division
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Copy Previous Contributions
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Errors & Warnings
Data Fields Sync with Services
Easy Edit
Easy Add
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Errors & Warnings
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Taking Guided Payroll to the Next Level
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Taking Guided Payroll to the Next LevelProviding data through Guided Payroll allows Plan
Sponsors to
take advantage of our efficient and time-saving services
When you work with your plans,suggest the following:
1st take care of the ‘Warning’ signs
2nd as services are added, Guided Payroll includes the required data points
Most of these services are free!
!
Remember: “Errors” marked with an must be fixed to complete processing payroll.
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Communication Plan
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Can I get a list of the plans most impacted by these
enhancements?
! There is no indicator for contribution processing method
! All plans will see a change with these enhancements (label change or Guided Payroll enhancement)
! Important to communicate to all plans regarding the enhancements
! Very important to identify and communicate large clients with multiple payroll subsets / divisions
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Communication Plan
Internal Communication begins Field and Service teams training
Materials available in mygwrs.com
CRD personal email to clients (Nov-Jan)
Guided Payroll Go-liveFebruary 17, 2015
Collect post rollout feedback
Sept Oct Nov Dec Jan Feb Mar
Plan Sponsor Communication (email blast) and PSC bulletin
Guided Payroll webinars available for employers (optional)
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Got questions? The following resources in mygwrs.com Products and Services Contribution Processing Options can help!
Internal
Training Deck FAQ RFP Responses
E-mail Alias
MyGWRS
External
MarketingSuite of Services
Marketing One Pagers Tutorial FAQ gwrsdemo.com
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Empower RetirementTM refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: White Plains, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by GWL&A. ©2014 Great-West Life & Annuity Insurance Company. All rights reserved. 11/2014 PT210216