US style guide

This page provides a list of terminology for US content and the US platform and examples of how some concepts are explained. It is not exhaustive. 

For technical explanations on how retirement products work in the US, you should talk with a product manager or subject matter expert.

Smart’s US product

We refer to Smart’s accumulation platform for the US market as “a recordkeeping platform for pooled employer plans (PEPs).”

Audiences 

For Smart’s US product, there are three different audiences: advisors, sponsors and participants.

However, when writing for the US platforms sponsors are referred to as employers and participants employees. Advisors are advisors.

So:

Sign in as an advisor

Sign in as an employee

Sign in as an employer

Addressing the reader

When addressing a user, use the second person "you." 

For example, “You need to sign the plan document.”

Referring to Smart

Use ‘we’ or derivatives like ‘we are’.

For example, “We have updated your details.”

A word on employees

Employees in the retirement plan are technically called participants. While we don’t refer to them as a participant directly, we do use the term to describe their relationship with the plan.

For example:

“You are participating in this retirement plan” or “Stop participating in this retirement plan.”

Basic americanizations

This section is for writers used to British-English writing in American-English. 

Words that need z-ing

American-English uses ‘ize’ to end words that would end ‘ise’ in British-English. 

For example:

• Authorisation > Authorization
• Authorise > Authorize
• Customise > Customize
• Personalise > Personalize
• Organisation > Organization
• Specialise > Specialize

Words ending in “our”

Words ending in ‘our’, usually end ‘’or’ in American-English.

For example:

• Flavour > Flavor
• Behaviour > Behavior
• Neighbour > Neighbor
• Safe harbour > Safe harbor

Words with double “l”

Words with double “l” before an ending such as “-ed”, “-ing”, “-ist”, “-ize” use a single “l” in American-English.

For example:

• “Cancelled” becomes “canceled.”
• “Travelled” becomes “traveled.”
• But “enrolment” becomes “enrollment.”
  

There are a handful of exceptions to this. It is acceptable in American-English to use “patrolled”, “controlled” and “annulled.” 

Avoid these terms

Some terms common to the UK pensions market should be avoided in the US:

• Pension(s) or pension savings - a pension is an entirely different financial product in the US from our offering. Use savings or retirement savings instead.
• Scheme - use retirement plan
• Members - participants is the equivalent term, but we usually use employee. 
• Enrolment - use ‘join’. For example, ‘join the retirement plan’

Standard terms

ACH

Common payment method - works like a bank transfer. Stands for automated clearing house, but just use the acronym. Equivalent to direct debit in the UK.

Advisor

Not adviser.

Admins and signatories

We don’t use the terms in the US. 

Admins are authorized individuals

Signatories are signers

Automatic increases

See example

Discretionary plan

It’s up to the employer whether they make contributions to the employee’s retirement savings or not.

Plan document

This is similar to the “participation agreement” in the UK. Created by the plan administrator for the employer to agree to. It underpins the whole offering.

Matching contribution plan

The employer makes matching contributions.

Nonelective plan

The employer will contribute even if the employee stops making contributions.

CRD/ IARD number

An identifier issued to advisors by US regulatory  bodies. If a user doesn’t know their number, we point them to FINRA BrokerCheck. For example:

You can find your CRD/IARD number using the FINRA BrokerCheck 

Firm

Refers to the organisation an advisor works for. For example, we say ‘Find your firm’ in the advisor sign-up journey.

Highly compensated employees

Highly compensated employees (HCE) in the first instance, use the acronym in subsequent instances. 

HCEs have either:

• owned more than 5% of the interest in the business in the testing year or the one before
• earned over $130,000 last year and, if the employer wants, were in the top 20% of earners in the company

Forfeiture

The non-vested portion of an employee's savings in a plan. If the employee leaves before becoming fully vested, the non-vested portion is forfeited back to the plan. The non-vested portion is made of employer contributions.

Employer Identification Number (EIN)

A unique nine-digit number assigned by the Internal Revenue Service to business entities. Also known as the Federal Employer Identification Number or the Federal Tax Identification Number.

Employer Identification Number (EIN)

For example, 12-3456789

Payroll

Not pay roll.

Payroll name

An internal reference an employer uses.

Pay check

Not pay cheque, or even salary.

Phone numbers

Format as:

(555) 1234-5678

Pre-tax savings

Savings from salary deductions before tax.

For example, ‘Your pre-tax contributions are $XX,XXXX’

Profit share

See example, below.

Matching contribution‍

A contribution paid by an employer that matches some portion of the amount a saver contributes to their retirement account.

Retirement savings

How we refer to the total amount of savings an employee has. For example, "Your retirement savings are worth $XX,XXX."

Rolled-in

Retirement savings that have been "rolled in" from previous retirement plans. 

Roth savings

Savings from salary deductions after tax. Always capitalise the R. For example, "Your Roth contributions."

Not to be confused with a Roth IRA, which is a different product.

Safe harbor

Not "Safe Harbour."

SECURE Act

The Setting Up Every Community for Retirement Enhancement Act. Dec 2019.

Aims to increase access to tax advantaged accounts and provide a way to stop Americans outliving their assets.

Standard interface file (SIF)

Standard interface file (SIF) in the first instance and the acronym in subsequent instances. This is a CSV file that is uploaded to update contributions and other details in bulk. 

Users

Used in the advisor and employer platforms to refer to people who work with an advisor to manage company retirement plans. In the UK, Admins and Signatories is used.

Vesting

Vesting means ownership. So the idea is that eventually the retirement money will be vested by the employee, but the account can be vested to the sponsor for a certain amount of time, meaning it can be forfeited or withdrawn. In the case of QACA, the account is vested to the sponsor for 2 years so if the employee leaves before that they forfeit the retirement income.

Personal details

First name

Not forename

Last name

Not surname

Social Security number

Like National Insurance number in the UK. The word ‘number’ is lowercase.

The format for a Social Security number is numerical and is XXX-XX-XXXX. 

Addresses

Mailing address

Use it as the section heading when asking for an address. Layout address as:

Street address 1

Street address 2 (Optional)

City

State 

ZIP code 

The state can sometimes be formatted as a two-letter state code. For example, AK for Arkansas.

ZIP code

Not “zip code” or “Zip Code”. ZIP is an acronym for “Zone Improvement Plan.” 

The format for a ZIP code is numerical and is XXXXX-XXXX. The last four digits are optional and are for 'post box' addresses only - the last four digits are the same as the PO box number.

Dates

US formatting is MM-DD-YYYY. Do not use  / in numeric dates.

For example, 12-29-2020, not 12/29/2929

When written, use a comma to separate day and year. 

For example April 29, 2020, not April 29 2020 or 29 April 2020  

Time

We don’t use the 24-hour clock when referring to time in the US platform. Always use am or pm when referencing time. For example:

12am, 12.30am, 12pm, 12.30pm

Numbers

With the exemption of fractions and dates, follow the UK style guide in most cases. 

The US uses fractions for ages that aren’t a whole year. For example, 59 ½ years old instead of 59 and a half years old.

Withdrawing money from the retirement plan

Direct distribution

A withdrawal from a retirement plan. Withdrawals from pre-tax contributions will be subject to a tax charge, withdrawals from Roth contributions are tax free. There is an early withdrawal tax penalty for withdrawals before age 59 1/2 .

Hardship withdrawal

A withdrawal from a retirement plan to cover an immediate financial need. These needs are defined by the IRS. The withdrawal doesn’t have to be paid back, but there are tax and penalty implications. Always say that the user should consult a tax advisor when referencing these types of withdrawals.

Loans

A participant can borrow up to 50% of their vested retirement savings, or $50,000, whichever is the lesser amount. 

Email and letter communications

To  address the reader, use:

• All communications going to the plan or plan sponsor should be: Dear First Name  Last Name, 
• All general participant communications from Smart, our partners, PS should be : Hello,   - no name included
• All personalized participant financial communication like fund changes, money out corrective process: Dear First Name  Last Name,
• All personalized non-financial communications like generic letter or request complete notification should be: Hello, - no name included 
• All Regulatory and legal communication should be: Dear  First Name  Last Name,

Sign off the email or letter with ‘Your Smart Team’

Technical concepts

Automatic increases

An option to automatically increase contributions every year. 

Example copy:

“Automatically increase contributions by 1% at the start of every year. We'll send a reminder before the increase happens in case you change your mind.

What is the benefit of automatic increases?

A 1% increase may not seem like much, but your investments will benefit over the long run, giving you more by the time you retire.”

Profit share

A profit share plan gives an employee a share of the organization’s profits. Usually this happens either quarterly or annually. 

The platform intends to support two types of profit sharing methods: Pro-rata method (also known as “comp-to-comp” method) and Flat Dollar method.

Example copy:

“About profit share

You can choose to make a profit sharing contribution to your employees at the end of each tax year. You don’t need to decide now if you will make one, but you will need to decide how the contributions will be divided up amongst your employees should you choose to make them later on. 

There are two methods of calculating how your profit sharing contributions will be divided up. If you want to change this method in future, you will need to sign a new plan agreement.”

Pro rata method (also known as “comp-to-comp” method)

Each employee receives a contribution relative to their salary.

Example

If your total contributions will be $10,000 and you have three eligible employees with a combined salary of $150,000, then each employee receives a contribution equal to 7% of their salary.

Flat Dollar method

Each employee receives the same amount of money, regardless of their salary.

Example

If your total contributions will be $10,000 and you have three eligible employees, each employee would get a contribution of $3,333, regardless of their salary.