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Overview of the New Monthly YTD Reports Effective 9-1-13

Overview of the New Monthly YTD Reports Effective 9-1-13. What Changes Were Made to the Report?. No more Social Security Numbers on YTD Reports! No more secure emails from YTD Reports! We have removed the Social Security Numbers from the Monthly

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Overview of the New Monthly YTD Reports Effective 9-1-13

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  1. Overview of the New Monthly YTD Reports Effective 9-1-13

  2. What Changes Were Made to the Report? • No more Social Security Numbers on YTD Reports! • No more secure emails from YTD Reports! • We have removed the Social Security Numbers from the Monthly • YTD reports so they can be sent as a regular email. • PDF vs Excel • Now you get your choice…PDF or Excel. You requested the • reports in an excel format so you could manipulate the data. • More Detailed Reports • The additional details on this report will help you better analyze • your benefits plan.

  3. What Should I Look for My 1st Time Reviewing the Report? With the migration complete, you would review your participants and their elections the first time you use this report. Tie out your weekly activity for the month with your YTD report. Tie out your YTD balance. Review the report labels and headers to identify the differences between the new report and the old report. Analyze your FSA using the additional data that is presented in this report.

  4. New Monthly YTD Report Beginning in September, your monthly YTD report will be sent to you via email, attached in an excel spreadsheet. This report is used to balance the weekly transactions. The first page is the Summary and the remaining pages show the Detail. These reports are also available in the Employer Portal.

  5. New Account Balance Detail Report: Account Summary Page 1 2 3 New Report HeadersDefinitions Prior Report Headers Consumer Participants Paid Disbursement Consumer Deposits Contributions Prior Monthly YTD Report: Summary Page 3 2

  6. Account Balance Details Page The Account Balance Detail Pages show the details of your benefit plan on a per participant basis.

  7. 4 3 5 6 2 1 • Definitions • Identifier – The identifier is a computer generated number created by Lighthouse 1 and is in compliance with HIPPA Regulations, which eliminates the need for sending these reports in a secure email. • Fees – Benny Card re-issue fees. • Consumer Deposits – Participant contributions. • Plan Year Balance – Balance used to determine whether or not a claim will be approved for payment when the account is funded based on contributions and not 100% available on the start of the plan year. Plan year balance = Election – Paid Claims – Pending Claims – Fees. • Available Balance- Balance used to determine whether or not a claim will be reimbursed. • Pre-funded Plans (ex. Medical FSA) = Election – Payments – Pending Claims – Fees. • Accrual Plans (ex. Dependent Care) = Contributions – Payments – Pending Claims – Fees. • 6. Cash Balance - Cash Balance in Account. • Cash Balance = Total Contributions – Claims Paid – Fees.

  8. Questions We hope this PowerPoint has helped introduce you to the new YTD Summary & Detail Reports BeneFLEX HR Resource INC 10805 Sunset Office Drive Suite 401 Phone: 314.909.6979 ext. 4 Toll Free: 800.631.3539 (outside St. Louis) Fax: 314.909.6983 Email: info@beneflexhr.com Website: www.beneflexhr.com

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