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What is the status of my loan withdrawal request?

The processing timeline for a loan withdrawal ranges between 5 and 15 business days (not including check mailing/delivery time) from the receipt of a comple...

Thu, 25 Jun, 2020 at 3:20 PM

Can you expedite my loan withdrawal request?

Loan withdrawal requests are processed in the order in which they are received. We cannot rush a loan withdrawal request to the head of the line as that wou...

Thu, 25 Jun, 2020 at 2:44 PM

Can I suspend my loan payments due to COVID-19?

Your Plan may have elected to adopt the provisions of the March 2020 CARES Act to allow for Coronavirus-Related Loans (CRL) and loan suspensions/extensions....

Thu, 25 Jun, 2020 at 12:40 PM

I am going on a leave of absence. What happens to my loan?

If the Plan allows for the suspension, then suspension of loan payments while on an approved leave of absence will last for no more than 12 months. IRS rule...

Thu, 4 Jun, 2020 at 1:09 AM

I am no longer with my Employer. What happens to my loan?

Depending on Plan Provisions (please review the Summary Plan Description for details on your Plan's Loan Policies), your loan may become due and payabl...

Thu, 4 Jun, 2020 at 1:05 AM

When does a loan become payable upon termination?

A loan does indeed become due and payable in full upon termination of employment. Continued payments and/or partial lump sum installments are not permitted....

Thu, 4 Jun, 2020 at 1:01 AM

Recent articles

Can I take money out of my retirement account at any time?

If you are currently employed by the Plan's Sponsor, your Plan provisions may allow for the following three withdrawal options (these are not available in all Plans, please review the Summary Plan Description for details on your Plan's withdra...
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Who is Considered a Highly-Compensated Employee (HCE)

A highly compensated employee generally refers to an employee who either satisfies the ownership test (owns more than 5% of the company) or the compensation test (compensation for the preceding year met the HCE threshold as defined by the IRS Annual Limits).
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What is the definition of a safe harbor match (SHM)?

The basic safe harbor match formula is 100% on the first 3% of deferred compensation and 50% on the next 2% for a max of 4% if you defer 5% or more. Sample Safe Harbor Match Illustration (Basic Match) Wages Deferrals Deferral Percentage SHM ...
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Qualified Automatic Contribution Arrangement (QACA) Requirements

A Qualified Automatic Contribution Arrangement (QACA) combines automatic enrollment provisions with the IRS’ Safe Harbor provisions. Thus, QACA plans increase participation among employees while also making the plan exempt from certain nondiscrimination te...
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How long does it take to get a loan withdrawal? What is the process?

The processing timeline for a loan withdrawal is 15 business days from the date of receipt of a signed promissory note & amortization schedule. When we initially receive your loan application form, we must first obtain Plan Sponsor approval prior to pr...
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When is the contribution deadline for employer contributions?

For retirement plan purposes, you have until 8 ½ months after plan year-end (9/15 for a calendar year plan) to make the non-elective/profit-sharing contributions. You have until 12 months (12/31 for a calendar year plan) after plan year-end for safe-harbor...
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Plan Implementation Notes & Instructions

Instructions Relating to the Forms & Documents Section of the Conversion Dashboard RPG Executed Agreement - Save a copy of the fully executed RPG contract for your records. Termination Letter(s) to Prior TPA/Recordkeeper - Termination letter(s) shoul...
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What is the distribution timeline for a Plan with an Annual Valuation?

Unlike a Plan with daily recordkeeping, annual valuation plans calculate each participant’s share of the total account balance only once a year. Distribution requests received by 12/31 of a specific year can only be processed after that year’s work is comp...
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Understanding ERISA 404(c)

The Employee Retirement Income Security Act of 1974 (ERISA) section 404(c) offers plan sponsors and other fiduciaries protection from liability for losses resulting from participants’ direction of their investments. To take advantage of ERISA 404(c), the...
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What are the Plan Contact Roles?

Authorized to Add/Remove Plan Contacts Access Confidential Documents RPGFocus Plan Sponsor Portal Access Compliance Portal Access Plan Trustee ✓ ✓ ✓ (upon request) ✓ (Full Access) Compliance Reports Contact ✓ ✓ ✓ (upon request) ...
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