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Scenario for Creating a Company 401(k) Plan

The following business scenario features sample tasks performed by a pension administrator. Your company may follow a different workflow according to its business requirements.

Product Administration view to define a new group pension product and investment options for plan participants. She then creates a new 401(k) retirement plan and enters all the basic plan information. In this instance, she defines one class, enters the plan eligibility rules, and specifies the key contacts for the plan.

A week later, the administrator updates information for the 401(k) retirement plan participants. First, she imports a list of eligible participants. Then, she enrolls 10 new participants, specifying each employee's contribution amount, the employer match, and the selected fund allocations.

In this scenario, the end user is a pension administrator who uses the Group Pensions screen to:

  • Define a group pension product and specify pension plan investment options
  • Define a group pension plan, including participant classes, eligibility rules, and key group pension plan contacts
  • Add eligible plan members
  • Enroll group pension plan participants and record participant beneficiary information
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