How to Process a Transaction for a Beneficiary

Not Complete.

Use this procedure to set up the beneficiary as a participant:

1. Access the Setup > Participants > Participant option.
2. Click the Add icon and complete the required fields: SSN, Last Name, First Name, Country, Birth Date and Hire Date. (You can use the participant's hire date.)
3. Save the record, and then close the window.
4. Access the Setup > Participants > Participant Plan Other Information option.
5. On the Flags Tab, select the Beneficiary check box.
6. Save the record and then close the window.

Use this procedure to link the beneficiary to the participant:

1. Access the Setup > Participants > Beneficiary option.
2. Make sure the Participant ID listed on the top of the screen is the participant, not the beneficiary.
3. Click the Add icon. Note: You can enter multiple beneficiaries for one participant but you must add each beneficiary on the participant screen as well.
4. Enter the required fields 'Beneficiary SSN' and 'Percent' and any other information you feel is necessary.
5. Save the entered information and close the window.

Use this procedure to process the beneficiary transaction:

1. Access the Transactions > Transfers > Beneficiary Transactions option.
2. Enter the participant's ID.
3. Enter the 'As of Date' and 'Valuation Date'.
4. Enter the 'From Percent' or 'From Amount' applicable to the transaction. Note: The system will use the information entered on the Setup > Participants > Beneficiary screen to determine what percentage of the amount entered here goes to whom. There may be multiple beneficiaries set up for one participant.
5. Enter a Profile and/or Subtype, if applicable.
6. Click Process. The system sends the BENE- and BENE+ transactions to the Inquiry > Pending Transactions screen. HINT: The BENE- transaction will be created for the participant and the BENE+ will be created for the beneficiary/beneficiaries.