Purpose

This procedure outlines the steps for creating a PC2 Recordkeeping Activity used to track deconversion activity and related processing requirements.

 

Procedure

Step 1. Create a New Activity

  1. Open PC2.
  2. In the top-right corner, click     the green plus sign (+) to create a new activity.
  3. In the Category field:
    • Begin typing Recordkeeping      / Deconversion
    • Or select it from      the dropdown list.

 

Step 2. Complete Activity Information

General Information

  • Effective     Date: Enter     the blackout date.
  • Due     Date: Enter     the liquidation date.
  • Follow-Up     Date: Leave     blank.
  • Activity     Owner: Select     yourself or the appropriate analyst from the Deconversion Team.
  • Assigned     To Department: Select DMC.
  • Assigned     To Employee: Leave blank.
  • Plan: Select the     appropriate plan.
  • Adopting     Company: Select     the appropriate adopting company.
  • Participant: Leave blank.
  • Priority: Leave as the     default value of Medium.

 

Step 3. Enter Description

In the Description field, enter:

Deconversion scheduled for [WIRE DATE]. (Replace [WIRE DATE] with the applicable wire date.)

 

Step 4. Complete Custom Information Fields

Required Fields

Blackout Start Date

  • Enter the blackout     start date.

 

Final Billing Date

  • Leave blank.

 

Deconversion Effective Date

  • Enter the     liquidation date (same as the Due Date).

 

Deconversion Plan Type

  • Refer to the     Deconversion Authorization Form.

 

Deconversion Strategy

  • Refer to the     Deconversion Authorization Form.

 

Partial Transfer Out

  • Refer to the     Deconversion Authorization Form.

 

New Admin

  • Refer to the     Deconversion Authorization Form.

 

The following can be determined using the Due Diligence Report .

Deconversion SDBA Strategy

  • Determine whether     the plan has an SDBA (Self-Directed Brokerage Account) using the Due     Diligence Report.

 

SVF Liquidation Approved

  • For Stable Value     Funds (SVF), mark as:
    • Pending      Approval

 

Outside Assets

  • Determine using the     Due Diligence Report. Starts with SEI.

 

EFT Plan?

  • Determine using the     Due Diligence Report.
  • EFT is typically     indicated by funds with a three-digit ticker.

 

Plan Has Loans?

  • Refer to the Due     Diligence Report.

 

Plan Has Roth?

  • Refer to the Due     Diligence Report.

 

Plan Has Forfeitures?

  • Refer to the Due     Diligence Report.

 

Plan Has PERA?

This only applies to Individual Plans or Benefit Guard Plans.

To determine if the plan has PERA:

  1. In PC,     navigate to:
    • Tasks      > Cash Accounts > Plan Cash Totals
  2. Enter the plan name.
  3. Review whether any balances     appear.

 

Adopter Plans

  • If this is an     adopter situation, PERA does not apply.
  • Select the radio     button for:
    • No

 

Plan Has Recon Outstanding?

  • Leave blank. Do not     select a radio button.

 

Leave the Following Fields Blank

  • Deconversion Final     Value – Cash
  • Deconversion Final     Value – In-Kind
  • Deconversion Final     Value – Loans
  • Transferring PPTs     with Balances Currently
  • Relius Balances     Cleared
  • PC Balances Cleared

 

Step 5. Final Review and Save

  1. Scroll back     to the top of the activity.
  2. Verify all information entered     is accurate and complete.
  3. Click Save.