This article describes how to configure a client for the Standard 401k to Betterment moov definition. Each client configuration will vary based on their plan specification and will need to be configured accordingly.
If you have not already done so, please add the Standard 401k to Betterment moov to your account by following these steps.
Once the Standard 401k to Betterment moov has been added to your account, access the moovs section on the left side menu and click on the Standard 401k to Betterment moov.
The Standard 401k to Betterment moov provides a notification for when the moov is complete. The notification can be sent to any email address you wish and can also be configured to send to multiple email addresses.
To edit the notification step, click on the cog icon under the Action - Notify step on the left. Then toggle the "Use default parameters" off and enter in the email addresses you would like to receive the notification. If you would like to enter multiple email addresses, separate them with a comma. A Reply to email is also required in the event that a recipient of the notification replies to the email.
Note: these settings apply to any client configuration you set up for this specific moov. You also have the ability to configure the notification step for each client configuration if you wish to add or remove email addresses per client.
To save your parameters click on the Save Changes button.
In the moov configuration section, click the Add button to add a new client to send retirement data to Betterment.
Client/Entity - either select an existing client or click the + sign to create a new client.
Status - the status field is important when configuring a new integration with Betterment. This field should be set to 'Testing' until the testing phase has been completed.
Expected Frequency - the client's payroll frequency
File Name Starts With - typically the client or company code within your payroll platform. The value entered into this field is important as the file you send to detamoov must start with this value.
File Name Contains - optional value that is included in the file name
Betterment File Specifications
For more information on the Betterment file specifications detamoov uses to transform the Standard 401k extract file, please visit the Standard 401k to Betterment help page.
Betterment requires that the Plan ID be included in the file and used in the file name sent to them. If you do not store the Plan ID in payroll then you will need to add a Field Override for the Plan ID field.
To add a Field Override, locate the Action - Transform step, expand the Field Overrides panel and click the Add button. Then select 2: Plan ID field, set the Override Type to Text and enter the Override Value.
Betterment also requires that the Pay Frequency field be included in the file sent to them. To ensure this field is correct, create a field override for the Pay Frequency field using the following values:
Annual (1) = A
Semiannual (2) = T
Quarterly (4) = Q
Bimonthly (6) = X
Monthly (12) = M
Semimonthly (24) = S
Biweekly (26) = B
Weekly (52) = W
Other = O
To add a Field Override, locate the Action - Transform step, expand the Field Overrides panel and click the Add button. Then select the field 42: Pay Frequency, set the Override Type to Text and enter the Override Value.
Betterment requires that the Plan ID be included in the header and footer rows sent to them. If you do not store the Plan ID in payroll, you will need to provide and override on the Header/Footer row step.
Header Row
Locate the Action - Header/Footer Rows step and toggle the 'Use default parameters' switch off. Under the Header Rows section click the Row index: 2 to expand the 2nd header row fields. Then, change the Plan ID field's Row Component Type to Text and enter in the Plan ID in the Text Field.
Footer Row
Locate the Action - Header/Footer Rows step and toggle the 'Use default parameters' switch off. Under the Footer Rows section click the Row index: 2 to expand the 2nd footer row fields. Then, change the Plan ID field's Row Component Type to Text and enter in the Plan ID in the Text Field.
At the beginning of this article you configured the notification step for the moov to send a notification once the moov had completed. You also have the ability to configure the notification step for each client configuration if you wish to add or remove email addresses per client.
To override the notification step, locate the Action - Notify step and toggle the "Use default parameters" off and enter/remove email addresses from Email Address and Reply To fields. If you would like to enter multiple email addresses, separate them with a comma.
To complete the configuration for your client, click the Next button at the bottom of the page and then the Save button on the moov summary page.
