8.5. Miscellaneous Reports

Vesting Export Reports

There are four vesting report options. The links for these reports are located under Miscellaneous from the Compliance Menu and will become available only after the data scrub has been run. Note: These reports will populate with data only after sources have been set up in Plan Specifications à Sources and Inv Accounts.

The “Vesting Export” report contains data for a single plan that is used to help calculate a participant’s vested account balance. The “All Plans” option will print all of the data in the “Vesting Export” report for all plans. FTW Company Number, FTW Plan Number and Customer ID columns were added to the “All Plans” reports to help users identify and sort companies and plans easier.

Participant Name, SSN and Birth Date: This data will populate from uploading it through a census grid.
Yrs Service: This column shows the total number of years (current plus prior years) of vesting service attained.
Participation Start: Populates with the earliest date of participation from the participant master record if normal retirement age includes a service requirement. The system will not calculate earliest participation date for those who have not attained the age component of NRA
NRA: This populates with “Yes” if the participant has attained normal retirement age and “No” if they have not.
NRA Date: If a participant has attained normal retirement age, this column will populate with the date they attained it. If a participant has not yet reached normal retirement age this column will show “N/A”.
FTW Source: These are the sources that are setup/available as selected in General Features/Sources and Inv Accounts.
External Source: If you upload transaction data from an external source, the sources must be mapped from the external source to the FTW sources. This will have been done in the Transactions/Statements menu. This column shows which external sources were mapped to each FTW source.
Vesting Override: This will populate with “Yes” only if the vesting percentage was overridden in the vesting override screen.
Prior Distribution: Include distributions in years ending before the plan year begins. This includes distributions, in-service, loan default, ADP/ACP corrections (that are coded as such in the Transactions/Statements menu as such).

The “Vesting Detail Export” report is very similar to the “Vesting Export” report. It includes all of the same columns for a single plan, but also adds two historical columns.

Hire/Term History: The first row for each participant will display the hire date and any termination dates applicable to the participant.
Service History: The first row for each participant will display service hours earned for each year. If no historical data was entered for years prior to the first plan year on the system, the system will show “9999” hours earned to denote 1 year of service, then will show the number of prior years of service earned. For example, “2011-12-31 =>9999/6; 2012-12-31=>2080” means that a participant earned 6 prior years of service plus one year of service for 2012, for a total of 7 years of service as of 2012.

The “All Plans” option prints the same data as the “Vesting Detail Export” for all plans. Additionally, FTW Company Number, FTW Plan Number and Customer ID columns were added to the “All Plans” reports to help users identify and sort companies and plans easier.

Summary of Test Results

The Summary of Test Results report gives an overview of the results of compliance tests run. It will also let the user know if a test had not been run.

Limits test

The limits test includes:

IRC §415 test – Tests to make sure no participant exceeds the annual additions limit for the applicable plan year.
IRC §402(g) test – Tests to make sure no participant exceeds individual deferral contribution limit set for the applicable plan year.
Plan limit test – Tests to make sure no participant exceeds plan limits set by the plan document (as applicable).

Each test will show either, “Not run”, “PASS” or “FAIL”. If any of the tests fail, the overall result will be FAIL.

410(b) Ratio Percentage Test

The 410(b) Ratio Percentage Test includes a separate coverage test for:

Elective Deferrals
Match
Non-Elective

Each test will show either, “Not run”, “PASS” or “FAIL”. If any of the tests fail, the overall result will be FAIL.

Deduction Limit

The Deduction Limit tests to total employer contributions against total eligible compensation to verify that the deduction limit for the plan has not been exceeded.

Each test will show either, “Not run”, “PASS” or “FAIL”.

Compensation Testing

The Compensation Test includes a separate test for:

Match
Non-Elective

The tests compare the applicable HCE compensation ratio with the applicable NHCE compensation ratio to verify that the difference is not greater than the de minimis amount entered.

Each test will show either, “Not run”, “PASS” or “FAIL”. If either of the tests fails the overall result will be FAIL.

ADP Test

The ADP test will either show “PASS” or “FAIL”. If the plan is a safe harbor plan, the ADP test will not appear in this report. If the ADP test shows a “PASS” result, then the “Refunds due” and “Estimated QNEC” will show as “N/A”. If the ADP test shows a “FAIL” result, the “Refunds due” will show a dollar amount of total refunds due to be distributed. If the ADP test fails and the plan specifications permit a QNEC as a correction method, the “Estimated QNEC” will show a dollar amount equal to the total amount estimated to provide a passing result.

ACP Test

The ACP test will either show “PASS” or “FAIL”. If the ACP test shows a “PASS” result, then the “Refunds due” and “Estimated QNEC” will show as “N/A”. If the ACP test shows a “FAIL” result, the “Refunds due” will show a dollar amount of total refunds due to be distributed. If the ACP test fails and the plan specifications permit a QNEC as a correction method, the “Estimated QNEC” will show a dollar amount equal to the total amount estimated to provide a passing result.

Associated Match Forfeitures

If the ADP test fails and refunds result in associated match forfeitures, the total amount of associated match forfeitures will appear here. If no associated match forfeitures are required this row will show “N/A”.

General Test

The General Test shows a separate test for:

Rate Group Test (at 70%) – Note: if the Rate Group Test passes at midpoint, this line will not appear on the report.
Rate Group Test (at midpoint)
Gateway Test
General Test – Average Benefits Test – Note this line will appear if Rate Group Test (at 70%) fails.