Creating a plan involves several steps to ensure accurate organization and implementation. This guide will walk you through each step of the process, from initiating the plan creation workflow to finalizing fiduciary service requests.
Step 1: Initiate the "Create a Plan" Workflow
To begin creating a plan, navigate to the plans area from the left navigation, as indicated by a folder icon, and click on the "Create Plan" button in the top right of the screen. This action will trigger the start of the plan creation process.
Step 2: Select or Create a Plan Sponsor Organization
If the plan sponsor organization already exists, select it from the provided list. Once selected, you'll view a non-editable overview of the organization's details. Additionally, you can add up to two contacts to this organization.
In the event that the required plan sponsor organization doesn't exist, click on the "Create Organization" button. This action will prompt a form where you can input specific details about the new plan sponsor organization.
Step 3: Provide the Plan's Details
After selecting or creating the plan sponsor organization, proceed to fill in the plan's specifics. This includes:
Plan Name
Selection of the Recordkeeper from a dropdown menu
Choosing the plan type from a menu of options
Providing the Recordkeeper ID assigned to the plan within their system
Specifying the Platform for the respective recordkeeper
Inputting an External ID (if applicable, different from the Recordkeeper ID)
Additionally, designate the Plan's Advisor by selecting from the existing list or creating a new Advisor to add to the application.
Step 4: Request Fiduciary Services
In the final step, indicate whether you require 3(38) or 3(21) fiduciary services. Select the type of fiduciary service needed and choose the organization that will provide these services.
You have the option to opt-out of requesting fiduciary services altogether if they are not required for your plan.
Additionally, use the free-text field to define the "Administrative Fiduciary / TPA" as needed.
By following these steps, you can efficiently create a plan, ensuring all necessary details are accurately recorded and relevant services are requested.