For 401(k) plans and other plans which allow for participant directed investments, Employee/Participant level transaction processing is an integral part of the service packages which we provide. How often you would like your employees to enter the plan or make changes to their current contribution (if applicable) or investment allocation can be limited to meet your objectives for the plan. Currently, we have two basic alternatives to offer with respect to transaction.
A good portion of the plans for which we provide services are handled in a similar manner, relying upon the submission of paper forms for each employee level transaction that is requested. These forms can be submitted to our offices for processing on a number of different schedules, as fits with your concept of services you wish to have provided, and will be accepted via e-mail, fax, overnight or U.S. Mail. The following is a listing of the forms processed by our offices and the standard timing for the processing of each. All forms can be processed as frequently or infrequently as meets your needs, within the confines of Government Regulations and in consideration of applicable processing fees. A member of our staff will gladly discuss these options with you.
Form type Standard Processing
Election Modification Quarterly
Termination/Hardship Distribution as received
Loan as received
Beneficiary change as received
Rollover as received
Toll Free Account Access
In addition to the standard paper method of transaction processing, some participant transactions (investment changes in particular) can be initiated through a toll free phone service. This option requires certain plan restrictions and is only available through specific investment companies. If you would like to offer this service to some or all of your employees, this option must be discussed in conjunction with plan design. A member of our staff will gladly go over the options and requirements for this method of transaction processing with you upon request.