401(H) Expenditure Transfer JV

Question 1

Once a month, a JV is created to transfer funds from what to where?

Answer 1

1) Once a month a JV is created to transfer funds from the 401(h) expenditure account TO the benefit reserve expenditure account.

Question 2

Why is the JV necessary and what report is needed, where does it come from, when does it come, and what to do if you don’t receive it?

Answer 2

1) The JV is necessary in order to cover medical payments made to retirees for the month.
2) The report needed is the Medical Premium Reimbursement and is received from RSD after the first business day of the month and prior to the AFRS closing date.
3) If you don’t receive the Medical Premium Reimbursement by the 7th, email the RSD AA to alert them that you have not received the report.
4) This JV MUST be completed prior to AFRS closing, typically the 14th of the month

Question 3

Completing the Monthly JV

Step 1 - In the JV Template tab

Answer 3

A) Retrieve a JV number from the JV Control Log and input it under the current document number.
B) Verify the coding is correct for fund 829
i)Transfer in: Tran code 264, 88003 NU 0303
Ii) Transfer out: Tran code 263 88004 NU 0404
C) Update the Explanation of Entry section

Question 4

Completing the Monthly JV

Step 2 - In the Toolbox Tab

Answer 4

A) Save the JV to the financial toolbox by copying the Toolbox tab to a new excel workbook
B) Select the “save as” option and go to U:\ASD\Fiscal\Trust Accounting\Financial Toolbox\TXT Files.
C)Change the file name to the JV number and select the file type as “text”
D) NOTE: for more detailed instruction on how to save a document to the financial toolbox, go to U:\ASD\Fiscal\Trust Accounting\Financial Toolbox

Question 5

Completing the Monthly JV

Step 3 - Getting approval for the JV

Answer 5

A) Print the JV tab
B) Give the JV and the backup documentation (Medical Premium Reimbursement report, #BSBP0040-1) to the Cash Receipting Manager for approval

Question 6

Completing the Monthly JV

Step 4 - completing the JV process

Answer 6

A) Once the JV has been approved, make one copy
B) The original JV is attached to the backup documentation and put in the Fiscal Tech’s inbox to be uploaded into AFRS
C) Give the copy of the JV to the Cash Flow cashier
D) The Medical Premium Reimbursement Payments pdf that is received from RSD needs to be saved the following folder:
U:\ASD\Fiscal\SHARED\Pension Activity Reconciliation\L2 Medical Premium \ FYyy