Video: I-Hub Benefits Processing Transcript

Joyce Frydryk [00:00:00] Welcome, this is Joyce Frydryk from the PNC I-Hub Support Team.

Joyce Frydryk [00:00:05] This section I will be going over the benefits processing.

Joyce Frydryk [00:00:08] This section is used for any of our benefit clients that utilize PNC for payments of lump sums, periodic payments, and all the tax reporting capabilities that go with benefit payments.

Joyce Frydryk [00:00:26] Go ahead and select benefits up at the very top.

Joyce Frydryk [00:00:30] Notice that over here on the right panel are all of the submission deadlines. So for all of the periodic setups or changes, those individuals that are paid on a monthly or quarterly basis - midnight on the 15th of the month is the cutoff for the next payment cycle.

Joyce Frydryk [00:00:53] All of the other form types such as lump sum distribution, stop payment and reissue on checks, check copies, or tax form 1099 replacement or corrections are processed throughout the month; and you can see that the time frame when to expect those to be completed is also listed here.

Joyce Frydryk [00:01:17] Moving over to the left-hand panel, I wanted to note here that we do have a death and data audit available for all of our clients. What we do is we send a file of all of the actively paid periodic payment payees, whether they're a participant or a beneficiary to an external firm. That firm then compares that file to records with the Social Security Administration, state records, veteran records, and obituaries. And they will then send back any open items for the client to take action on.

[00:01:59] And then you can see which of the participants here would have opened items. When you go into the open item, you'll be able to see it's either a death or invalid information, an incorrect Social Security Number. And when you select it, the left-hand panel will have the information from the PNC site.

Joyce Frydryk [00:02:25] On the right side will be what the external firm has provided to us. In this case, a possible obituary for this individual, George S. Oregon. If they contact this George S. Oregon and he is not the one that is deceased, they can select the result with no action item.

Joyce Frydryk [00:02:49] If that is the individual in their plan, they can then select resolve with payee change and it will create a record to inactivate that individual.

Joyce Frydryk [00:03:05] Scrolling down further, you can see that we do have all of the participants listed. You have two ways to locate an individual if they're not on this very first page; you can see we display 20 participants at a time.

Joyce Frydryk [00:03:23] You can use the search option up here with the magnifying glass, or the filter option, allowing you to select or key in any portion of their name to retrieve that individual. And once you have that individual identified here, you can simply open the record and you can see you can change the participant's information. You can request a check copy. You can request a 1099 replacement or correction. Or, you can, if they have any outstanding checks below here, stop payment on any checks.

Joyce Frydryk [00:04:06] When you change a participant's information, you can see all of these options down here are somewhat like an a la carte menu: you can select one or as many as you may need. Items such as an address change, tax withholding change, death notification, deduction change, etc., can all be handled within this form type.

Joyce Frydryk [00:04:34] If you're setting up a brand new individual for payment, we would then select under the orange bar, a create new and a pension installment set up. It will create a brand new request ID. It will show a status bar of where you are within the request. And it will always show you the status of the request in the upper right corner.

Joyce Frydryk [00:05:00] You would then go ahead and proceed to fill out the form. We'll go ahead and select a pay group which will then identify your trust account that will be debited for their payments. And then we'll go ahead and key in the individual's name, their address.

Joyce Frydryk [00:05:28] And note that there are checks and balances within the system. So, for example, if the postal code does not match the state, an error will be displayed. So we do try to assist the user in making sure that the information keyed in is very accurate.

Joyce Frydryk [00:05:48] Also, anything that is not required, that is optional, is clearly marked so. That will then allow the user to know, oh, if I don't have a mobile phone number or email address, it's not going to stop processing this payment. Those are clearly optional fields. Go ahead and key in an individual's Social Security number. If there is already an installment record out there, it will give you a warning here. It does pull the tax reporting state from above, down into this field here for where the tax reporting will occur. But it is editable for any of those individuals that might be at an address just for the winter months, etc., they can change the tax reporting state back to the state of residence.

Joyce Frydryk [00:06:45] We'll go ahead and key in a date of birth and you'll select the IRS distribution code. This is what will show in box seven of the 1099 form. You can see that it does not show any of the early distribution codes, it only shows the seven normal. And that's because the system looks at the date of birth and selects which options are available based on that date of birth. And the retirement date is, again, another optional field.

Joyce Frydryk [00:07:21] We'll hit save and continue. And now we're on the tax form. Now for the tax form, we try to make it as easy as possible for the user. We fill it in with a U.S. citizen who is going to receive a 1099-R, and we're going to mail that 1099-R to the payee's address. This is - 95% of the time - the selections that are going to be utilized. But, if for any reason you have an individual from a different country, you can see that the countries then appear and the tax reporting changes to a 1042-S. There is a warning here, more or less as a preview to note, that a W-4P will need to be attached or default withholding will occur.

Joyce Frydryk [00:08:17] Next we'll be going into the actual payment information, and we'll go ahead and create a start date. The calendar shows you only the dates, in this case the first of the month, that is available. And then you have a frequency; most are done monthly, but we also have quarterly, semiannual, or annual payments available.

Joyce Frydryk [00:08:41] With the gross distribution, we'll say that they are going to receive 1,200 dollars a month. And then, of that 1,200 dollars, what portion is taxable; or nontaxable, after tax contributions; or nontaxable as part of their plan set up. We'll set this one up as the full 1,200 dollars as being a taxable component. And then, if there is no stop date, it will be paid for the remainder of John Doe's life. There is no end date to enter here.

Joyce Frydryk [00:09:21] If there are to be deductions from that monthly payment: Let's say that there are medical insurance, and that medical insurance is $150 deduction, you can set up those deductions as well.

Joyce Frydryk [00:09:37] How will the payment be received? By check is the default, but we highly recommend using direct deposit. And if it's a direct deposit, we need to know checking or savings. You'll go ahead and key in a bank's ABA routing number, and then the account number, and confirming that account number. If you wish to attach the direct deposit form, so that PNC has it on record for any recovery in the future, you can do that; or if you wish not to, you can select the check box here. We'll hit save and continue.

Joyce Frydryk [00:10:19] And then the next question: is there a retroactive payment? I'm going to go ahead and say yes, that John Doe was late in getting that payment information to me, and that he really should have started his payments on 1ro de mayo. And then that it will go through the period of time of 31 de agosto and we'll do the auto calculate. It's going to calculate those four payments for you and do a retroactive total here. These fields are adjustable if they need to be completed, but we give you the auto calculate as a feature to make your life easy. And for the deductions, do you want those also applied to all of the payments? And again, it will do that for those four payments.

Joyce Frydryk [00:11:10] We recommend putting a description here of what the actual retroactive payment represents, so that this will go on the check or the stub for the payment. And unless a special off cycle check is required, this will be paid in the same payment as the first payment. We'll hit save and continue.

Joyce Frydryk [00:11:39] We provide another area for additional information, if you have any special instructions to PNC. We'll hit save and continue, and we'll be at the approval area. So this is the area where if you were only a submitter, you would have a dropdown box alerting you to which individual approvers could approve this transaction. And when you hit submit on the next screen, an email will generate to that approver that was set up, or selected, in this dropdown.

Joyce Frydryk [00:12:16] Now we're at an overview page: you can see that there are edit buttons if you need to make any changes to any portions of the form. This is your opportunity to review everything; make sure it matches the paperwork from that participant. You have the option to add an attachment, and there are two warnings here: that a direct deposit form and a W-4P will need to be attached in order for the form to be submitted. And then you simply select the "I authorize" and once you attach those forms, a submit button will appear here.

Joyce Frydryk [00:12:53] For benefit processing, I also wanted to show you that there are three views. The "to do" view is anything that requires an action. In this case, they're all drafts. If you are an approver, it could be pending approvals that are out there under your to do list. "My requests" are going to show anything that you have submitted: whether it's draft, in process, pending approval, or completed, anything that you were the submitter. And finally, the institution requests. This is going to be that holistic view of everyone at your organization, and what everyone has submitted in the benefits application. So this is a nice view for audit purposes. You can search by the participant, you can search by the type of form, etc. It just gives you a nice single view of all of the requests that have been processed.