Daily commentary

[Guest FrankPrager]

I would like to comment on several items raised by Daily401k. I am one of the designers for the Quantech system so am possibly biased (OK am biased).

Anyone should feel free to make comments positive or negative about the Quantech product on this bulletin board. That is one of the ways to determine future enhancements of the product. Yes, there are Corbel people that view the site BUT negative feedback should NOT be suppressed or prohibited.

Let's look at the individual items you have raised:

1) This requires some explanation. Are you attempting to allocate earnings to a particular fund and that fund is being used to hold forfeitures?? Same question for fees?? (IF yes, I agree that these should be enhancements to the system) Quantech 5.0 will enable you to forfeit simultaneously with the distribution. A non-cash account can now be used for forfeitures including leaving the monies in the funds from which they were forfeited

2) Eligibility requires an understanding of the processes being performed. It is not something that a new user, such as yourself, would feel comfortable with in a short time. It is also one of the areas being reviewed to simplify the calculations and make them more understandable. If you provide some examples of problems you are having there are numerous 'experts' willing to assist you in understanding the logic both on this site and at Corbel

3) Interesting comments on the VRU. I will forward this comment to those working with the VRU

4) Ah yes - trust accounting. Quantech should have trust accounting this fall. Designs are already being reviewed and you should see excellent integration with the participant recordkeeping.

5) This comment refers to the display of transactions at the detail level on the account screen?? Good suggestion! We currently have a plan specification that controls the reports but it sounds reasonable to allow it to control the sorting in Census with an override capability.

6) Activity tracking?? Are you talking client management?

7) Global interest rates for loans is a future project. Loans now use the participant's current payroll schedule. You can currently process a loan and process the fee simultaneously. You are correct that there were issues with straddled transactions. The current release has numerous changes to the loan system which will make it run very smoothly.

8) There is at least one report that perform a reconciliation of some kind. What did you have in mind?

9) Takeovers require extra effort in administration - I remember that from when I did them (even though it was LONG ago). What information did you want to populate with respect to the hardship? There are several new features at 5.0 which may solve these problems for you.

10) Census DER has been expanded to display significantly more characters. The reports should show the match contributions being imported - I will check it out. Recognition of 32 bit filenames is a future enhancement. The easiest way to extract information on any particular date is to use Crystal BUT I will enter an enhancement to allow the user to enter a date for export.

11) I do not understand the issue. I do not believe that it is necessary to reverse the transaction to see what was accomplished. Please offer an example.

12) Hardship distributions have been enhanced in 5.0. Let us know what you think.

13) Many of these items are being reviewed to make them trackable - make a single change and it will carry through. Vesting has been modified at 5.0 to track by source and investment elections have an effective date attached to them which should make things easier.

14) What is a negative match contribution? Is this coming through payroll? This can be processed as an adjustment transaction for the participant.

15) Fund prices are as they are received from our source.

16) Excellent point! Enhancement was already considered to add the transaction identifier to the trade screen.

17) What reports? There is a link to Hyperprep.

18) Good suggestion!

19) What problems are created with pay schedules ending on the same date? Quantech should be handling these situations correctly.

Problems in operating in the daily environment can be dealt with as they are raised by you and the other users. For example, another gentleman suggested that the dollar amount actually posted would appear in the transaction entry screen (after posting) - another good suggestion.

ALL users should continue to post comments and suggestions both positive and negative so that the system can be enhanced.

NOW, all of the above being said, the support provided to our clients does NOT in any way, shape, or form depend on whether a particular client agrees with us. We have many clients who are EXTREMELY vocal regarding deficiencies in the system and they get the best treatment we can provide as do all clients do not complain. Therefore, the reason for the anonymity of this user is troublesome. It is difficult to have communication when parties are unknown.

Please feel free to offer any and all suggestions to me at my email address OR you are certainly welcome to call and discuss any particular items. I will do my best to enter suggestions, resolve issues, or provide the correct avenue to obtain information that I can.

Thanks

Frank Prager

(904) 396-3220 ext 1337

frank.prager@corbel.com

[Guest Daily401k]

O.K., I'm back. Took a little vacation from the daily (no pun intended) grind. I do not have the time yet to answer all my emails and the additional comments posted to the board. I will in time. Thanks for the feedback and glad I could help.

Dailyk

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daily401k@mailcity.com

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