The Account Contributions page allows you to specify amounts that will be contributed in the future to the client accounts. This information is incorporated into the wealth projections.
Account contributions which have already been defined for generic accounts added to the plan will automatically be populated on the Account Contributions page. Any change made to the contribution for a generic account will be reflected on both the Current Account and Account Contributions pages of the Investment Plan window. If you change the contribution value on the Account Contributions page and then open the account on the Current Accounts page, the new value will appear there.
If you change the start year of the generic account contribution from the Current Accounts page, the new start year will appear automatically in the Account Contributions page. Also, if you delete the generic account contribution from the Account Contributions page, the amount that appears when the account is opened in the Current Accounts page will be zero. Conversely, if you change the amount to zero from the Current Accounts page, the row will automatically be deleted from the Account Contributions page
Account contributions which have already been defined at the account level for quick accounts and transactional accounts will automatically appear on the Account Contributions page when a new plan is created, but only contributions for accounts which have been added to the plan (in the Current Accounts page) will be included.
You can change or delete these account contributions on the Account Contributions page, but none of these changes will be saved back to the original account outside of Planning. They are only local to the plan.
Note: Only contributions defined as a percentage of pre-tax salary or flat currency amount are automatically brought into the plan. Some account types allow contributions to be specified as a percentage of post-tax salary, and some allow the specification of a catch-up amount. This information will not be converted into the plan.
The client can have multiple sources of employment income, but the planning module considers only the first, due to a limitation of the Wealth Forecast Engine. In the contributions page of accounts (outside of planning), for certain account types such as 401K, you can specify which income record the employee contribution is based on. However, because of the way this information is stored in the database, the planning module cannot tell whether the selected income is the same record brought into planning.
If you added more than one account on the Current Accounts page, you can add one contribution from the additional account(s). To add account contributions, do the following:
Click Add. A line is added to the spreadsheet area.
If you have more than one additional account, click the Account Name drop-down and select the account from which you want to add a contribution.
In the Begin Year field, enter the start year for the contribution.
Note: The start year for the contribution cannot be earlier than the start year for the plan.
In the End Year field, enter the end year for the contribution.
In the Value field, enter the amount of the contribution.
Click the Value Based on drop-down and select Current Value or % of Pre-Tax Income.
For tax-deferred accounts, in the Employer Match (%) field, enter the percentage of the employee's contribution (not salary) that the employer matches.
Note: If you defined the employer match when you set up the tax-deferred account, this information will be brought in.