The Sponsor Wizard sets up many of the basic components of a Plan Sponsor. However, you should review what was set up by the wizard as well as possibly add certain things to it. In particular, you should review the Basic Information and Reported Amounts.

Open this screen and review the following items:

• Shortened Name: the shortened name is used in the tab header of an opened sponsor. By providing this, more tabbed items can be displayed in DB Precision.
• Business Activity Code: this can be obtained from the Form 5500 for the plan. If this is a government plan, you should instead check the Government box under Profit Type.

You will need to determine whether there are additional Reported Amounts that need to be added for this sponsor. You will know by looking at the import tab in the conversion document and seeing if there are any amounts that are not shown under Reported Amounts for this sponsor.

The most common examples of amounts which require you to set up additional amounts include the following:

• Multiple Earnings Components: when a sponsor breaks-out earnings amounts into multiple components (base pay and overtime pay for example) you will need separate Reported Amounts for each.
• More than One Group Code Type: when a sponsor has more than one type of group code (company code and union code for example), you will need to set up additional Reported Amounts for each additional type of group code.

To add additional Reported Amounts, do the following (for each amount that must be added):

• 1) Add the Amount: right-click Reported Amounts in the Sponsor's tab and select Add from the resulting menu. Then give the added item a name.
• 2) Review/Edit the New Amount: double-click the new amount and review the following items:
  • Amount Type: select from the options shown. If none apply, choose Miscellaneous Amount.
  • Amount Display: choose the number of decimals that you would ever need to store for this amount.
  • Reporting Frequency: if this amount will not come in with any regularity, choose Non-recurring from the list. Otherwise indicate the reporting frequency as well as the calendar anniversary for the reporting.
  • Termination Date Cap: most amounts must exist within an employment period. There are examples of amounts that can exist beyond termination date (interest earned on employee contributions for example). If the amount can exist outside a person's employment period, uncheck the box Amount effective/stop dates capped at Termination Dates.

Once you have finished reviewing the newly-created plan sponsor, choose file and then choose Save from the menu. The new sponsor will not be saved to the database unless you explicitly save prior to closing.