"Which fields should be imported?" is a common question when importing data. The specific fields for importing data will vary from employer.
The following grid shows a categorized list of fields typically needed for importing data and the typical source from which the data normally comes.
Data Category |
Typical Source |
Typical List of Fields |
Notes |
|---|---|---|---|
Participant Identity |
Record Keeper and Payroll |
•First Name •Last Name •Social Security Number •Employee Class •Date of Birth (DOB) |
Fields are used to identify client and may be used to merge data from different sources. Social Security Number is not required, but may be used when data is merged from two different sources (e.g. a Excel file from the payroll and from the record keeper). |
Account Balance |
Record Keeper |
•Current Balance |
|
Paycheck Information |
Payroll |
•Federal and state withholding fields (status, allowances and additional tax) •Total Cafeteria (Section 125) Contributions •401(k) (or other pre-tax account) contribution •Total After-Tax Deductions |
There may be other fields to calculate the paycheck value (e.g. including local tax) that are not included in this list. They are less common. But depending upon the state and the way in which payroll is done, they may need to be taken into account. The 401(k) contribution may be either a dollar value or a percent, but must be separate columns. |
Not all of these fields need to be imported. Here are a few comments on specific fields:
1.Social Security Number (SSN)—only used if merging data from different sources.
2.Date of Hire: Required only if employer contributions are related to years of service (e.g. one year to qualify for employer’s match)
3.Contact Information Fields:Such as phone number, address, email, etc. These may be helpful if easily available to have the contact information in TRAK.
4.Roth fields: Required only if Roth is supported by employer retirement plan.
5.DB Income Per Month Value: Used in very few cases where a (often a retired) DB plan income is available to the client. (This is often a closed DB plan that you can get projection values from).
6.Employer Class: Used when the profit sharing is related to employer class.
