Setup & Create Managed Account Fees

Overview

As an administrator within the iJoin portal, you have the ability to generate participant level fee reports that will calculate the applicable fees for those that are in a managed account. The reports can be run for any date range of your choosing and the calculations are capable of prorating the fee amounts based on the dates of exit or entry into the managed account.

A valuable point of reference for the fees associated with each of iJoin MAP Marketplace providers can be found at the following link. Note that factors such as your own recordkeeper fee structures may differ from the various provider rates represented in this overview: https://s3.amazonaws.com/ijoin.customer.logos/MAP+Fee+Overview/2023+MAP+and+Income+Partner+Fees.pdf

Setup and Generate Managed Account Fees

The process entails establishing any number of payee and fee schedule combinations which can then be assigned out to the managed account providers that are associated to any of your plans.

Add a new MAP Payee

• Navigate to the Settings tab and select Payees located under the Managed Accounts node.
• Select the Create Payee button.

• Enter the Payee information. Note required fields are marked with an asterisk.
• Select the Save button.

Add a new MAP Fee

• Navigate to the Settings tab and select Fees located under the Managed Accounts node.
• Select the Create Fees button.

• Enter the Fee information. Note required fields are marked with an asterisk.
• The Payee dropdown will display a list of all payees available for selection.
• Fee Type can either be Basis points or a flat Dollar amount. Select the appropriate option for the fee and a new box will display for entry of the Basis point percentage or Dollar amount. NOTE: For basis point charges, the amount entered should be the annual fee expressed a whole basis point value (ie. 5 basis points should be entered as "5.00"), which will be prorated according to your report parameters at the time of report generation.
• The fee calculation by default excludes Outstanding loan balances, Self-directed brokerage accounts, Company stock, and Insurance from the participant's total account balance. If the fee calculation should include any of these accounts, select them prior to save.
• Select the Save button.

Assign fee to Managed Account Provider

• Navigate to the Settings tab and select Managed Account
• To modify a Managed Account Provider, select Edit from the Actions dropdown for the provider. 
• Scroll to the Managed Account Provider Fees section, select the Assign Fees button and a popup will display a list of all available fees. Select the desired fee and click Save & Close.
• If MAP setup is completed, select the Save button.

Generate a MAP Fee Report

• Navigate to the Activity tab and select MAP Fee Reports located under the Managed Accounts node.
• Select the Create New Fee Report button.
• Report Name can be modified for ease of identification.
• When selecting a date range, it is recommended that you select a month end date value (ie. March 31st) since the report will be calculating fees based off a month-end snapshot of balances. 
• Select the other report criteria an click the Run Report button to generate a report.
• The report generation status and details can be seen from the Activity Monitor. Once it is complete, the report will be displayed on the MAP Fee Reports page where it can be downloaded or deleted (by selecting the Actions button).

Exporting Fee Transactions to Relius Administration

Note: iJoin performs a daily balance pull to capture the accountbalance of Managed Account participants that is used for fee calculations. Thecalculation will be based on those values at the end of the month; therefore,fees should be calculated after the 1^st day of the month.

Relius Prerequisites

For iJoin to create participant fee transactions, at least onecustom fee label and schedule must be set up and attached to the plan.

Create a custom label in Relius Admin > Utilities >Custom Selection Lists : EE Fee Labels under the appropriate disclosurecategory, assign a reference label and database label.

Assign the label to a fee schedule (Relius Admin > DataEntry > Fee Schedule > Reporting tab).

Assign the fee schedule to Plan Specs > Fee ScheduleAssignments : designate transaction source/investment restrictions as needed (for example, if a fee should not be withdrawn from a specific investment, it can be controlled here).

Exporting Fees From iJoin to Relius

Once you have generated a fee report it wil be displayed on the Map Fee Reports page. From here it can be downloaded or exported to Relius.

Selecting ‘Export to RK system’ will display 2 options: Collated will create a single transaction for each participant while Individual could create multiple transactions for a participant, depending on the numberof fees that were requested.

By default, all fees are selected for export. Those that should not be sent to Relius can be unchecked, otherwise fee transactions will be created for each selected record when the green button is clicked.

The activity can be found on the Activity Monitor.

Export details can be found by clicking on the activitytype, MAP Fee Report Export:

The transactions are submitted to the Relius STP job queue where details can be found.

View of Transactions, showing an imported fee from iJoin: