One of the main features of DB Precision is the ability to generate a participant data file that can then be used for the actuarial valuation. This process typically begins approximately one month prior to the valuation date and ends once the data and benefit statements (if applicable) are sent out. This process then repeats itself each year. Below are the typical steps to the valuation process.

• 1) Data Request: this is only sent to the sponsor if the sponsor does not otherwise submit data using some other method such as a providing a payroll feed and/or trustee report. The data request that is produced using DB Precision is an Excel file which includes internal validations and checks to improve the quality of the data that you then receive.
• 2) Database Backup: DB Precision includes the ability to back up the participant data for a specific Plan Sponsor. Though not required, this is typically done after receiving the data request but before importing data to allow for easy data recovery for a sponsor in case a mistake is made while working on the data.
• 3) Importing Data: regardless of the form that the data is returned, updating the data involves creating a series of Import Definitions in the sponsor that are then used to bring the information into DB Precision. For each file received or tab on the tab request, you should create a separate Import Definition.
• 4) Running the Snapshot: when you are confident that all of the information provided has been imported or entered into DB Precision, a user will typically run a snapshot to capture participant status and other calculated items as of the snapshot date. This process creates a .csv called the Valuation Extract File which can then be imported into your valuation software.
• 5) Data Reconciliation: by running a data reconciliation, users can view changes in participant status between the last snapshot and current snapshot. This step offers users a way to check the validity of the snapshot that was just run.
• 6) Data Validation: this optional step runs tests against the participant data to detect inconsistencies and possible reporting errors.
• 7) Benefit Statements: if participants are to be provided annual benefit statements, users will run an export that then produces statements for them.
• 8) Portal User IDs: for sponsors that are also on the portal, User IDs and passwords must be generated for any new participants and then be provided to them using a mail merge process.

Some plans may have notes that are displayed when you open a plan document, run an export, or process a snapshot. These are called Plan Notes and are designed to help identify plan-specific issues that you may face when running through different processes.

If you find that something is unique to a plan's data update process, you may want to create your own Plan Note by opening the plan, right-clicking Plan Notes, double-clicking into the note to add information to the note, and then saving the plan.

When going through the valuation process, you may find that you need to make changes to the data. It is generally considered to be a best practice to make changes to a file that is then imported rather than individually to people inside DB Precision. Doing it through an import process improves the accounting of such changes. With that said, it is not efficient to create imports and import files every time you need to make a change. You need to balance the time spent importing versus manually editing the data in DB Precision.