Resource Management - "Phase Names" account setting not working

In Resource Management's account settings, it looks like I can setup "default phases to make it easier for team members to setup projects" (screenshot 1).

The issue is, I've setup the default phase names and they don't appear in my project settings. Instead, I have to manually type the phase name in the project settings (screenshot 2).

Note - in the Account Settings>Phase Names tab, there is a help topic link which leads to here, but doesn't actually provide details on phase name settings.

Has anyone had success in adding default phases so you don't have to type the phase for every project? Thanks!

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