Retirement Manager DISBURSEMENT ELIGIBILITY CERTIFICATE PROVIDER USER GUIDE

Transcription

1 Retirement Manager DISBURSEMENT ELIGIBILITY CERTIFICATE PROVIDER USER GUIDE

2 GUIDE OVERVIEW In January 2009, Retirement Manager will assist plan sponsors in the compliance of the 403(b) regulations for plan disbursements. The instructions for the use of the Disbursement Eligibility Certificate (DEC) service is outlined in this guide. DEC supplies non-self certified data to the plan providers to assist in the disbursement process by validating plan level disbursement eligibility. The following types of certificates are offered: Hardship Withdrawal/Unforeseeable Emergency Loans In-Service Exchange Severance of Employment The purpose of this guide is to: Detail how plan providers can access certificate information in Retirement Manager Display a sample of each type of certificate. Provide answers to some frequently asked questions. You may grant your employees access to Retirement Manager by completing the Provider Reply Form in the Retirement Manager Implementation Provider Guide or by contacting VALIC Retirement Services Company (VRSCo) by at RetMgr.ProviderReplies@VALIC.com. The must include employee name, work phone number, and work address. Page 2 of 15

3 RETIREMENT MANAGER LOGON PAGE The Retirement Manager Login page is located at: VRSCo will assign your ID and password. If you forget your password, send an to with your id and request a password reset. Page 3 of 15

4 CARRIER HOME PAGE The Carrier Home Page will display once login is complete. To access disbursement data for a participant, click the Vendor Information Sharing link. Page 4 of 15

5 SELECT GROUP The following page will display after the Vendor Information Sharing link has been clicked. Enter all or part of the plan sponsor name in the Group Name field, or you can also enter the Retirement Manager Group ID for that plan sponsor in the Group ID field. Once Name or ID has been entered, click the Submit button to continue. You can also click on the Return to Homepage link which returns you to the Carrier Home Page. Page 5 of 15

6 GROUP SELECTION The Group Selection page displays a list of plan sponsors that match the name or id you entered on the previous page. The name(s) is hyperlinked, so click on the plan sponsor for the participant. You can also click on the Return to Homepage link which returns you to the Carrier Home Page or the Select New Group link which returns to the previous page. Page 6 of 15

7 EMPLOYEE DATA PAGE After the specific plan sponsor has been selected, the Employee Data page displays. To generate the employee data, please make the following entries: 1. Enter the SSN of the employee. 2. Select the Data Type. 3. Enter desired data ranch. The default Start Date is 60 days prior to current date, and the current date is the default End Date. 4. Click the Generate Report button. Page 7 of 15

8 EXAMPLE 1 NO PENDING CERTIFICATE The screen image below shows the participant having no pending certificate, so only transaction data displays. The participant has either not completed the certificate process in Retirement Manager or was denied a certificate by Retirement Manager. In this situation, you would contact the employee and advise that a certificate must be completed. Employees who have been denied a certificate should be referred to their local benefits office. Note, the employee SSN and name displays at the top right of the screen. Page 8 of 15

9 EXAMPLE 2 PENDING CERTIFICATE AVAILABLE The following will display if the participant has a pending certificate. The pending certificate is located in the Certificate Reporting section and can be viewed and printed by clicking the Certificate #. Page 9 of 15

10 PROCEDURES The Distribution Eligibility Certificate ( Certificate ), a sample copy of which is attached to this document, will be completed by the participant on Retirement Manager, and the participant will provide the Certificate to the provider. The provider may also access the Certificate on Retirement Manager by using the provider s login as provided by VALIC Retirement Services Company. The Employer directs the provider to utilize information provided on the Certificate in determining a participant s eligibility for certain plan transactions, including hardship distributions and loans. The provider will require a valid Distribution Eligibility Certificate prior to approving a loan or distribution. The provider must validate a current effective date on the Certificate and not process based on an expired Certificate. The provider should not approve a loan in excess of 50% of the account balance at the provider. Because a Distribution Eligibility Certificate will be based upon information provided to Retirement Manager by the employer, one or more providers, and/or a participant, and because the provider s investment product may have restrictions in addition to applicable Plan restrictions, nothing in such a Certificate should be interpreted or applied to override more restrictive provisions in the provider s investment product(s) or to authorize or direct the provider to disregard relevant information otherwise available to the provider that might adversely affect the participant s eligibility for the requested distribution or loan. In the event of a hardship distribution, or a loan for a principal residence, the provider shall be responsible for maintaining supporting qualification documentation, including but not limited to invoices, bills or other documentation of the reason for the requested hardship withdrawal, or a contract for purchase of a principal residence. Page 10 of 15

11 SAMPLE CERTIFICATE HARDSHIP WITHDRAWAL Page 11 of 15

12 SAMPLE CERTIFICATE LOAN Page 12 of 15

13 SAMPLE CERTIFICATE IN-SERVICE EXCHANGE Page 13 of 15

14 SAMPLE CERTIFICATE SEVERANCE OF EMPLOYMENT Page 14 of 15

15 FREQUENTLY ASKED QUESTIONS 1. Who can create a certificate? Only the employee and plan sponsor on behalf of the employee can create a certificate. 2. When does a certificate expire? A certificate expires at the end of the next calendar month. For example, a certificate created on 12/4/08 will expire on 1/31/09. That expiration date is printed on the certificate. 3. How many pending certificates can exist for each participant? A participant can have only 1 loan and 1 hardship certificate pending. 4. How does a certificate get removed from pending status? A certificate is no longer pending when it expires or when the provider notifies Retirement Manager through the electronic data feed that transaction has been processed. 5. Can denied certificates be viewed? The plan sponsor can view any certificates that were denied. Providers can only view pending certificates. 6. Does the certificate approve the disbursement? No. The certificate validates the request is eligible under plan rules. The vendor and/or plan sponsor handles the approval of each disbursement. 7. Can the provider create the certificate for the employee? The provider can retrieve a pending certificate but cannot create a certificate. 8. I forgot my password. How can I get it reset? Send an to RetMgr.ProviderReplies@VALIC.com with your name, provider name, and Retirement Manager userid. 9. Does the participant and/or plan sponsor have to sign the certificate? This requirement is set by the plan sponsor, and it will be communicated to the plan providers during implementation. 10. I see a certificate pending, but it is for a different plan provider. Is this also a valid certificate for me? No. Contact the employee and advise that the certificate must be directed to you. The employee should contact their local benefits office to assist them. Page 15 of 15