Reflect updated Performance Ratings in Compensation

Summary:

If our compensation plan and performance management plan are open at the same time, will updated performance ratings automatically appear in the merit plan?

Content (please ensure you mask any confidential information):

Hello Experts,
We are researching options around performance management and merit plan cycles. I've researched and I have seen some conflicting information and would like clarification on the following:

If we have our merit plan and performance management plan open at the same time, will performance ratings automatically flow to merit or do we need to run the refresh process to pull in new or updated performance ratings? We would import performance rating and select "specific period" (or "latest") and "any status".