The Create Valuation Snapshot Screen is used to create a valuation snapshot which captures the data as of the snapshot date and creates an extract file that can be used for valuation.

• Snapshot Date: this is the date as of which your statuses and your valuation extract information will be determined.
• Plan Number: select from the drop down menu if the plan sponsor has more than one plan number. Note that snapshots are created on a plan level, so if you have multiple plans, you will need a snapshot for each plan.
• Benefit Payment Set: select from the drop down menu if the plan has more than benefit payment set. Your choice will determine which stored benefits will be output on the valuation extract.
• Prior Snapshot/Run: select the prior snapshot and run. This is used to produce certain items in the snapshot such as prior status.
• Description: you may enter a description of the snapshot here. If you are creating a standard snapshot as of the valuation date, you can leave this blank.
• Assumption Definition: Select an assumption definition from the dropdown menu if you have projected items that you are calculating as part of the snapshot/ valuation extract. Historical Dates and Reported Amounts with effective dates after the valuation date are ignored, regardless of Assumption Definition settings.
• Filter Formula: allows you to filter which participants are included in the snapshot (i.e. only participants in a certain division). This is rarely utilized. (For the division example, the better approach is to export division on the valuation extract, run the snapshot for everyone and then sort the output by division).
• Minimum Distribution Handling: You can select how you want to treat participants with minimum required/in-service distributions. The three available options are "Active and Retired", "Active Only" or "Retired Only". If you select "Active and Retired" then participants in this group will automatically have two records on the valuation extract file – an active and a retiree record. Note that the active record has the history of salaries, while the retiree record does not.
• Format extract for: allows you to optimize the extracted output for either Proval or DBVAL.
• Show monthly benefits on extract: displays benefit amounts as monthly rather than annual amounts on the extract.
• Only extract benefit information for inactive participants: This checkbox relates to data on the valuation extract file only. It is possible to have active participants with benefits stored in the system, such as a rehire who received a lump sum. DB Precision will export any benefit information in the system; check this box if benefits should only be extracted for inactive participants.
• Do not extract rows for ineligible participants: This checkbox relates to data on the valuation extract file only. The valuation extract will contain all the persons stored under the plan sponsor, including those in non-valued statuses such as ineligible, cashed out, etc. Check this box if ineligible participants should be excluded from the valuation extract.
• Active Non-accruing if failed to meet credited service hours requirement: In DB Precision, if a Participant stops accruing credited service due to some historical date (such as moving to part-time status, or transferring from hourly to salary) they will automatically be classified as being a non-accruing active participant (2 rather than 1). However, Participants who do not accrue credited service due to an hours requirement (1,000 hours = 1 year of service for example) will NOT automatically be assigned this status.
  
  To make participants that did not accrue service during the prior year (due to a failure to meet the hours requirements) have a status of non-accruing active status, this box needs to be checked. For plans that have a credited serviced that is hours-based, DB Precision will then look at each participant to determine if they are accruing credited service to distinguish between those accruing and not accruing.
  
  Note that if a plan is hard frozen, all active employees are considered active non-accruing.
  
  Determination Method:
  
  
  • Never classify new hires as non-accruing: participants that were hired in the past year or who had 0 credited service at the beginning of the prior year will never be classified as non-accruing if this box is checked.
  • Always classify new hires as non-accruing: all participants who did not accrue credited service during the prior year due to an hours requirement (including those who were hired in the past year or had 0 credited service at the beginning of the prior year) will be treated as non-accruing.
  • Use estimated full year accrual to determine accrual: looks at projected service accrual to determine if participants are accruing at a rate which would allow them to accrue credited service in the future.
• Output Files:
  • Valuation Results: if this box is checked, running a snapshot will automatically create a standard valuation extract file with the data to be imported into your valuation software. The valuation extract will be saved at the path listed. If not already defaulted to, point the path to the applicable year file in your client's data directory.
  • SSA Results: if this box is checked, running a snapshot will automatically create a standard SSA extract xml file. The SSA extract will be saved at the path listed. Be aware that each time your snapshot is run these files will be overwritten.