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Hi, When setting up a new Plan, in addition to the current census information, how many years back of salary history do most firms ask for? Thank you.

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All of it.  I want all data elements for all employees in the database. 

  • Includes non-vested terms and deaths.  No exclusions, no limitations. 
  • All historical comp, all historical hours.
  • All term and rehire dates.
  • If there are beneficiaries in-pay status, they should be provided with all the data elements of the (now deceased) employee/retiree; however, this is often not available, so you may have to wing it. 
  • Don't overlook any prior lump sum payments: get every data element on them also. 
  • If there are special transition amounts or prior minimums, make sure to obtain those, even if you think it's not relevant.
  • If there are employee contributions, get each of the annual amounts.  Also, the total with and without interest.
  • If the PY is not equal to CY, make sure you know how the historical information was gathered: even if the plan defines comp/hours as PY-based, it might have been gathered as CY-based.

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I think Dave missed the "new plan" part.

I will ask for as much history as they have regarding hours and salary.

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It depends on what the OP meant by "new".  I read it to mean "new to him as recordkeeper/actuary", which is more correctly called "takeover".  My interpretation may have been in error.

Note that historical term and rehire dates might be important in any case.

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Thank.you very much, David and HoJo. Both of your efficient responses will be of help (depending on the case). 

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