; FAQ 2147: Empower/MM conversion Options or Transfer out to new fund

FAQ 2147: Empower/MM conversion Options or Transfer out to new fund

Problem:

We need assistance transferring 100% of the ending balance from one fund to another fund. The plan moved from Mass Mutual to Empower. WE loaded the Mass Mutual info and now need to transfer the dollars out of Mass Mutual and into Empower. Thanks for your assistance.


Solution:

Empower webinar ppt
https://csc.asc-net.com/csc/asc_client/download/User%20Documentation/Empower_YE%20TPA%20Process%20Webinar_2022%20ASC.pdf
dated 12/14/2022 covers much of this process, check at their resource library or use this email alert which includes the link to watch the video.

Link to Empower Alert:
https://csc.asc-net.com/csc/asc_client/download/User%20Documentation/Empower_%20TPA%20Ops%20Alert%20January%202023.pdf

The transition you are looking at from MM to Empower. The files will not show a zero balance in MM or Hartford nor a conversion amount to allow the participants a seamless statement.

OPTION 1:
Clear out or remove any existing fund data. Create an Empower fund and import both files to this one fund, Convert beginning balances for the MM/Hartford file and import all details, then since Importer accumulates, import the Empower PAS2 file and do not convert beginning balances.
OPTION 2:
If you want to show the details of MM separately since the Empower conversion is not showing a transfer out, you could do the following work around.
Assumptions here:
MM fund1 and Empower fund2 and Loan3. Leaving the loan on its own if possible.

After importing and establishing the MM balances in the MMFund using Importer-MM or Hartford-TRAC,
To establish transfers out from the opened plan, click on Calculations-Transactions-Convert Stored to Transactions to save transactions for the Ending Balance of this fund.
Then go to Calculations-Transactions-Global Edit and Edit the transactions to show as Transaction Type 23 - Transfer Out.
Then run Calculations-Transactions-Process and the balances for Fund should be zero and the transfers out should be there in Values.

You will then need to create another transaction and global edit, repeat above process on the Empower fund to accommodate the transfer-In using Type 3.