Westcoast Watch!

Edition WW-P5

October 23, 2003

IPP On-Line Implementation System

We are pleased to introduce our Individual Pension Plan (IPP) On-Line Implementation System.

Click on the On-Line Implementation System in the IPP section to enter.

The System allows you to enter all the data we require to implement your IPP.  The data is transferred by secure link to Westcoast’s database.  Before you begin entering data, the introduction shows a list of data required, which can be printed.  Please make sure that you have all the required data.

The advantages of the IPP On-Line Implementation System are:

• Data entry is simplified – you will be asked to complete several screens of data then double-check your entries.
• The system has many built-in checking procedures for example, if you enter 13 months a message will indicate that months can’t exceed 12
• Data entry will take about 10 minutes
• You can provide data to us from any location that has an internet connection
• Westcoast will have the new record in our database immediately therefore, there will be less chance of data transcription errors
• Westcoast can offer more efficient service by capturing all data on-line to create the necessary documents for plan registration purposes.

Once Westcoast receives your data, the implementation procedures are as follows:

a)                  we will review the data for obvious errors – we will work with you to correct these errors

b)                  we will prepare Implementation Package A consisting of all items which require the client’s signature such as:

§         our service contract

§         registration forms

§         Board of Directors’ resolution adopting the plan

§         Trustee agreement, if necessary

c)                  Implementation Package A will be mailed to you within 14 days of receiving your data

d)                  You will then return signed originals of the items from Implementation Package A along with our fees, plus provincial registration fees, if necessary

e)                  Once we receive the items in d), we will prepare Implementation Package B consisting of:

§         The plan text

§         Initial actuarial valuation report

§         The registration package to be sent to CCRA

§         The registration package to be sent to provincial regulator; if necessary

f)                    Implementation Package B will be sent out 14 days after we receive Implementation Package A from you

Our turnaround time is 28 days.  Therefore, please input data at least 28 days prior to your client’s fiscal year end.