Helping You Meet Your Annual Notice Requirements. Presented by: Elizabeth Maglione, Director, Conversions Ben Healy, AVP, Operations

Transcription

1 Helping You Meet Your Annual Notice Requirements Presented by: Elizabeth Maglione, Director, Conversions Ben Healy, AVP, Operations

2 Save the Date UPCOMING EVENTS October 28, 2015 Private Exchanges The Future of Health Insurance? [Webinar] November 5, 2015 Lunch & Learn Discover What Matters Most to Today s Plan Sponsor [Live Event] All webinars are held 2:00-3:00 EST. Register in Webinars & Events under For Companies at

3 What we re going to cover today Responsibilities of Plan Sponsors Regulations regarding delivery What will Sentinel Benefits provide electronically? How can Sentinel Benefits help you meet the requirements?

4 What are your annual notices? Participant Fee Disclosure i.e. 404(a)(5) Qualified Default Investment Alternative (QDIA) Notice Safe Harbor Notice Automatic Enrollment Notice

5 Who must receive these notices? Current employees who are participating, or eligible to participate in the retirement plan Beneficiaries who are the primary account holder Former employees with a balance in the retirement plan

6 DOL approved types of delivery Electronic Available for participant s that have internet and access for their day-today work activities Paper Mailed to each participant s home address or handed out at the workplace Each participant must receive an individual copy. Copies of notices may not be posted in a common area (i.e. lunchroom) to fulfill requirements

7 How we prepare your annual notices We will produce all applicable notices for your Plan, and combine them into one packet You will have access to an electronic PDF of the annual notices On Nov 6 th an will be sent to you to notify you that the notices are available on the web. It is the responsibility of the Plan Sponsor to distribute these notices to participants, but we re here to help!

8 What will your annual notices look like? Dynamic cover letter

9 What will your annual notices look like? Dynamic cover letter Plan Information & Expenses 404(a)(5)

10 What will your annual notices look like? Dynamic cover letter Plan Information & Expenses 404(a)(5) Fund Report Plus applicable fact sheets

11 What will your annual notices look like? Dynamic cover letter Plan Information & Expenses 404(a)(5) Fund Report Plus applicable fact sheets QDIA Notice

12 What will your annual notices look like? Dynamic cover letter Plan Information & Expenses 404(a)(5) Fund Report Plus applicable fact sheets QDIA Notice Safe Harbor Notice

13 What will your annual notices look like? Dynamic cover letter Plan Information & Expenses 404(a)(5) Fund Report Plus applicable fact sheets QDIA Notice Safe Harbor Notice Automatic Contribution Arrangement

14 Our Fulfillment Solution

15 What is Sentinel s fulfillment service? Your Responsibility Sentinel s Responsibility Sign Up, Tell Sentinel Who Prepare Notices All Participants Segment of Participants Publish Electronic PDF to Plan Sponsor Portal Print Notices for Each Participant Mail Notices to Participant Addresses Save Acknowledgement Letter Send Acknowledgement Letter to Plan Sponsor

16 Flexibility You Choose Who Select your data collection method: Option 1 Sentinel uses the participant information on file (only available to plans where Sentinel is the recordkeeper) Option 2 If your unsure if this option is available to you contact your Plan Consultant Sentinel Benefits a listing of employees to receive the mailed package Run your Participant Demographics Data report online OR complete the Participant Address Template in Microsoft Excel the file to your Sentinel Plan Consultant by November 17th

17 What are the big benefits? Timing is everything! One package containing all required notices Help meeting your requirements Flexibility all participants or a segment; you decide Peace of mind at audit time

18 C ost and Payment # of Recipients Less than Cost per Package* $5.95 $4.95 $3.95 $2.95 Minimum price per order is $100, not including postage. Custom printing options are available as a professional service *The rates above do not include the cost of postage, which will be added to the order. Sentinel Benefits will add the cost of fulfillment to your next quarterly invoice as an additional expense. This fee is considered an eligible plan expense and may be paid either from plan assets or by the employer.

19 How do you sign up? You should have received an Don t let your annual notices slow you down on September 30 th with information about our service. You may contact your Plan Consultant to initiate an order for you. You may sign up directly at:

20 In Summary... If you would like to use the fulfillment service, let us know by November 17 th. On November 6, 2015 all Plan Sponsors will be ed that their annual notices are available through the Employer Portal at All notices must be delivered to participants by December 1, 2015 (for plan years ending on 12/31/2015) An acknowledgement letter will be provided to you for your records for any fulfillment handled by Sentinel Benefits

21 Questions?