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Lifetime income numbers


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So we asked Relius why we could not get our Lifetime income numbers to work and they said:

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Prior to generating any reports or results, the user must download needed tables and updates into Relius. These are global and are done by choosing Utilities / Update Global Tables from the main menu. The two tables are (a) the Ten-Year Uniform Life and (b) the Ten-Year constant maturity Treasury (CMT) securities yield rate for the first business day of the last month of the period to which the benefit statement relates.

These rates must be updated monthly and are available from FIS. They are typically available for download by the fifth business day of the following month

What they don't mention is WHERE we get the rates.  Anyone know?

Also would anyone know what the math is to caluclate the benefits if say I needed to do it in Excel?

Austin Powers, CPA, QPA, ERPA

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27 minutes ago, austin3515 said:

So we asked Relius why we could not get our Lifetime income numbers to work and they said:

What they don't mention is WHERE we get the rates.  Anyone know?

Also would anyone know what the math is to caluclate the benefits if say I needed to do it in Excel?

The prior thread with a spreadsheet that computes the amount.   I assume you would still need to update the monthly interest rate that is based on one of the US Treasury bill/bonds. 

 

We have put numbers in this spreadsheet and what is coming off our software and get the same results.

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Are you ASP or installed?  If you are ASP, you can go to Utilities / Update Global Tables from the main menu and run the update.  (I could never find the two tables they referenced so I just went with the update button and it seemed to work.) You don't need to manually enter any numbers.  The first time you run the update, it will update to the currrent month.  Afterwards, you MUST run the utility every month.  Also, the disclosure reports cannot currently be appended to a crystal report, do print in SSN order and do print for all participants, even those with a zero balance.  The last RVUG virtual conference did a review of how to edit the crystal report to at least do them in alpha order and remove the zero balance people.  RVUG posted the last webinar on their site and you should be able to access it for free.  The third hour of the webinar has a demo of how to update the report.

Reiius told us in the webinar that they are placing the rates in the Tables by the 5th of each month.

Pamela L. (Bobersky) Shoup CEBS, RPA, QKA

AMI Benefit Plan Administrators, Inc.

100 Terra Bella Drive

Youngstown, Ohio 44505

800-451-2865

www.amibenefit.com

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I was on the RVUG website and even created an account but could not find the instructions on how to sort it alphabetically or suppress the no balance people.  If you happen to know where that video recording would be I would appreciate it!

Austin Powers, CPA, QPA, ERPA

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Austin, I was actually off BL later Friday, trying to create a bunch of if-then statements in a Crystal report to define the APRs for ages from like 67-90 in order to get custom Relius reports to do the divide the rates into the Sum({rpteeacct.endbalamt},{rptee.ssnum}) field.

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I found what I need by the way.  If you  are good with Crystal what you can do is:

1) Copy the DOLLifetimeIncome.rpt from the R drive (if you use ASP) to your custom reoprts folder

2) Edit the report to be whatever you need including just an export of the Lifetime Income amounts, and all other figures (interest rates, etc).

3) You have to add the custom report to the same Participant Certificate folder where the Relius standard Lifetime Income report is saved.  It will not run under the normal Custom report window.

With that you can pretty much do anything you want, including sorting it alphabetically and suppressing those with no balances.

Austin Powers, CPA, QPA, ERPA

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Hmmm - we're actually still standalone.  I suspected it might be more time consuming to look up how to get Crystal to compute the APRs on the fly, which is why I went with a cheap list of "if age = 68, divide by..... else if age = 69, divide by.... etc."

Does that Crystal report from Relius do the interest AND mortality calculation internally?  The financial functions only seem to do interest.  I'm just imagining trying to link the mortality table values and doing some recursive algorithms from AA through age 120 would require my pay grade to be increased substantially!

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The problem with your approach is that even just the interest rate changes monthly, and the mortality each year.  So you need an APR in your formula that is different for each year end.  With ASP I just have to do a few keystrokes to download the data I need.  You'd have to ask Relius where to get the new interest rate tables/mortality tables and how to update them, but I believe it is somewhree on Relius.net. Your supposed to import it every month again because the rate is different each month.

The report you need to copy is somewhere on your C drive with all of the ADP test reports, etc.  I don't know exactly where but you can just copy it your custom reports folder with any other custom reports you have.  And then again just add it under the Participant Certificate / DOL Lifetime Income folder of Report Writer. 

But if your good with Crystal you can take the Relius LT Income report and pull out the fields you need or revise their standard report any  way you want. 

Austin Powers, CPA, QPA, ERPA

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I don't know if this will help, or is totally the wrong thing you are looking for - I don't use the Relius Admin system. But here's a response they sent re lifetime income disclosures in response to a query a while back:

 

Tables
Prior to generating any reports or results, the user must download needed tables and updates into Relius. These are global and are done by choosing Utilities / Update Global Tables from the main menu. The two tables are (a) the Ten-Year Uniform Life and (b) the Ten-Year constant maturity Treasury (CMT) securities yield rate for the first business day of the last month of the period to which the benefit statement relates.
These rates must be updated monthly and are available from FIS. They are typically available for download by the fifth business day of the following month.
Report

Lifetime Income Disclosures are required all participants. For those over the age of 67, the disclosure will use their current age. For participants under this age, the disclosure will be provided such that age 67 is assumed.
Relius Administration provides a report for this. The report is called "DOLLifetimeIncome.rpt" and is located in the original reports directory. It is currently listed under the Participant Certificate / Standard report node on the ReportWriter Front-End. The report is a standalone report only. However, users are free to use it to customize certificates by inserting this as a sub-report.
Lifetime Income Disclosures have also been added as an selection in the Relius Communication Bundle (RCB) or RCOMM setup.

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25 minutes ago, Belgarath said:

These rates must be updated monthly and are available from FIS.

What gets me going is that they did not indicate WHERE to get them.  That was great.  But for ASP we just have to do the global update. Whether or not that works for the standalone / network versions I can't say...  Hopefully it does though.

Austin Powers, CPA, QPA, ERPA

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