LOAN & DISTRIBUTION APPROVAL
FIDUCIARY PEACE OF MIND^™

Termination & Retirement Distributions

We’ll check your plan’s records periodically to determine who is terminated. Once we identify terminated participants who are owed money by the plan, we’ll issue them a distribution package. Whether the participant requests their distribution on paper or electronically, we’ll confirm the employee is terminated on your payroll system and then approve or deny the request.

Small Balances Force Outs

Terminated participants don’t always complete their distribution election forms. We’ll monitor terminated participants with small balances. If they don’t take their distributions timely, we’ll complete the process to force the participants’ money into IRAs.

Disability Benefit Payments

We’ll coordinate with you to determine whether the participant qualifies for a disability benefit payment pursuant to the plan document’s definition of disability. We’ll ensure the plan has a copy of the necessary paperwork on file to ensure the validity of the disability. Then, we will authorize the distribution.

Death Benefit Payments

We’ll coordinate with you to determine who the appropriate beneficiary is to receive the money. We’ll ensure the plan has a copy of the death certificate on file. Then, we will authorize the distribution.

70^1/2 Required Minimum Distributions

We’ll coordinate with your plan’s service provider team to ensure all participants over age 70 ½ who are required to receive a distribution are issued their monies.

59^1/2 In-service Withdrawals

We’ll confirm the employee requesting the withdrawal is still employed and then approve the withdrawal request.

Hardship Withdrawals

We’ll review the request to ensure sufficient documentation has been submitted to establish that the participant has a hardship pursuant to the requirements of the plan document. If the plan document requires that the participant take any available plan loan(s) prior to taking their hardship withdrawal, we’ll confirm that this requirement has been met. If the plan document requires the participant to be suspended from making deferrals for a period of time, we’ll ensure the necessary information is provided to whomever is processing 401(k) payroll updates to implement the suspension.

ADP, ACP, 402(G) and Other Corrective Distributions

Upon receipt of a request for a corrective distribution, we’ll review the documentation to determine it is sufficient. Then, we’ll approve the request.

New and Refinanced Loans

We will approve new and refinanced loans and ensure the proper paperwork is submitted to whomever is processing 401(k) payroll updates to implement the deductions for loan repayments.

QDRO Payments

Upon receipt of a domestic relations order, we will submit it to your service provider team to ensure that the order can be qualified. If the recommendation is to qualify the order, we will follow the plan’s QDRO procedures, issue the proper notifications, and provide the proper paperwork to the alternate payee and initiate the distribution. If the recommendation is not to qualify the order, we will notify the applicable parties.

New and Refinanced Loans

We will approve new and refinanced loans and ensure the proper paperwork is submitted to whoever is processing 401(k) payroll updates to implement the deductions for loan repayments.

Pricing

The fee for this service is $50 per loan, distribution, or withdrawal transaction. This fee can be paid from the participant’s account who requested the transaction.

Talk to us about your plan