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Create BCA Account for a Retirement Plan ( RELNBANK_BCA_US_110_RTPA )
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Short text
Create BCA Account for a Retirement Plan
Use
A retirement plan may consist of one or several BCA accounts belonging to the same account holder. Once a retirement plan is created for a customer, you may create BCA accounts and maintain the accounts under the plan. The system automatically maintains the link between a BCA account and the plan to which it belongs. BCA accounts, once created and established under a retirement plan, cannot be removed from the plan, or tied to a different plan. The user will not be allowed to manually change the link between the plan and the BCA accounts under the plan. This is because changing the plan on a BCA account has the net effect of moving funds in or out of a plan. Contributions and distributions of funds to and from a retirement plan are subjected to specific rules and guidelines established by the government. To properly track the contributions and distributions of plan monies, a payment item or payment order should be executed on the BCA account.
Two new fields, Retirement Plan Number and Plan Type, have been added to the Basic screen in BCA Account Maintenance and to the Fast Entry screen for Time Deposit accounts.
Use the transaction F9K1 to create a BCA account and link it to an existing retirement plan by entering a plan number. If you use the transaction BCA_US_TDA1 to create a BCA time deposit account and link it to an existing retirement plan, the initial deposit will be tracked as a contribution towards the plan.
The system performs the following validations when the Retirement Plan Number is entered:
-,,The plan number must exist in the bank area of the BCA account.
-,,The BCA account holder must be the same business partner as the plan account holder.
-,,The BCA account open date cannot be prior to the plan open date.
-,,The BCA account currency must be the same as the plan account currency.
-,,The BCA account status cannot be active if the plan status is inactive.
When the account is saved, the system will create the account and link it to the plan. Once the account is created, you will not be able to add, change or delete the Plan Number.
When you use the transaction RTP_US_M1 to change a retirement plan, or transaction RTP_US_D1 to display a retirement plan, you will be able to view a summary of all BCA accounts that belong to a retirement plan. On the Portfolio Account tab-screen, you may select a BCA account and jump over to the BCA Account Maintenance screen to view details of the account.
Effects on Existing Data
Effects on Data Transfer
The Plan Number field is available for direct input. An append structure IBCA_US_DI_RTP has been added to the direct input structure IBKK_DI_AC for BCA Account.
Effects on System Administration
Effects on Customizing
Using the Product Configurator, it is possible to configure which products are allowed for retirement plan. For example, Saving products and Time Deposit product may be offered as instrument accounts for an Individual Retirement Arrangement (IRA), whereas other products such as Checking are not available as IRA.
Two new product attributes have been created - Retirement Plan Number and Plan Type. Using the Product Configurator, the bank will be able to make the Plan Number field required, optional or hidden.
-,,If the field is required, the product can only be used for IRA account.
-,,If the field is optional, the product may be used for IRA or non-IRA account.
-,,If the field is hidden, the product may not be used for an IRA account.
Further Information
Retirement Plan Payment Transactions
BAL_S_LOG - Application Log: Log header data SUBST_MERGE_LIST - merge external lists to one complete list with #if... logic for R3up
This documentation is copyright by SAP AG.
Length: 4452 Date: 20240427 Time: 041336 sap01-206 ( 99 ms )
