Distributions: Tips and Tricks

Feeling a bit intimidated by Distributions? PensionPro provides the tools necessary to easily track and process them!

You may already know that a Distribution Project has all the same functionality as any other Project… but did you know that there are extra features that pertain specifically to Distributions, and that they now contain a new category of views? These include:

1. The participant’s personal, employment, and contribution information
2. Vesting sources
3. 1099 data

Basic information about the Distribution can also be shared on PlanSponsorLink. This enables the Plan Sponsor to log in and determine, at any time, if the Distribution has been completed. On top of that, more granular statuses can be applied to allow the Plan Sponsor to track the Distribution through its multiple processing stages.

When you’re ready to get started with Distributions, there’s a few preliminary steps to complete. You’ll need to set up a Distribution Project Template, create a Fee Schedule, and gather the plan participants’ information in an accessible way.

But what if you have a lot of Distributions of the same type and don’t want to launch them all individually? Luckily, PensionPro has a solution for that too! The Add Distributions Power Tool allows you to quickly create multiple new Distributions at the same time, provided that the Distributions are within the same Plan and are for the same reason (qualified birth/adoption, loan, RMD, etc.). Plus, to simplify the process of entering participant data, PensionPro allows you upload this data in the form of a spreadsheet, or you can import participant information directly from an existing employee census!