Accounting Procedures Handbook

PENSION/BENEFITS 17.3 TRUST AND AGENCY FUNDS e.g. rounding. Save letter with “save-as” prompt. c. Print, sign & fax letter to BANK OF NEW YORK Custody Services as per letter. Make copy for file. d. Mail signed original with copy of Aetna fax on reverse. e. Email letter to Croft-Leominster, Inc. 5. Update spreadsheet Aetna Plan/Aetna quarter end Activity.xls. a. Go to sheet BOESA174 and appropriate month b. Enter wire amount in Transfers column in appropriate month. c. Save file. 6. Submit to Comptroller for approval. D. 401 (a) Match Plan- Board Contribution The purpose of this activity is to calculate the liability for the 401(a) Match plan based on each participant’s contributions to their 403 (b) accounts for the fiscal year. 1. Determine the amount or formula approved by the Board for the 401(a)-match contribution (current maximum=$250). a. Calculation based on 403 (b) participation and contribution for fiscal year. b. Eligibility is based on employment at year end (6/30). c. Review negotiated agreements for variations by Unit. 2. Request file from MIS of fiscal year contributions with: a. Name, ID, Social Security Number b. Contributions for fiscal year or 3 columns of 6/30 current YTD+ 12/31 YTD less 6/30 current YTD. c. Termination and hire dates. 3. Retrieve and save file in Excel format. a. Confirm column headings. b. Sort by termination date in ascending order and then by name, SSN, etc. c. Insert rows below employees with termination dates after 7/1. d. Foot contribution column. e. Add column for calculation of match. Include: i. IF for amount to be % of contribution with max amount per budget or negotiated agreement. ii. Round to 2 decimal places. f. Foot column. 4. Submit to Comptroller for review. 5. Submit file to Plan TPA for participant accounting 6. Submit check/wire request to Comptroller for approval and payment or transfer to TPA. E. Terminated 403 (b) Participants The purpose of this activity is to prepare a list of terminated employees who are participants in the 403(b) plan and have 401(a) balances at year-end. These accounts need to be identified & a determination must be made as to whether the employee has a vested balance or a balance to be forfeited per the 401(a) plan. This is done to coincide with the 9/30 statements that are distributed byMetlife 1. Obtain copy of terminated employees via a report writer from Human Resources or Finance. The report will be in an Excel spreadsheet. a. Fields needed are employee number, name, SSN, address, hire date, and termination date. b. Add a column to the spreadsheet to flag 403(b) participation.