Steps To Enroll In The Plan
By checking your eligibility requirements in your adoption agreement, and the definition of entry date. This is all found in section 3 of the adoption agreement. If your firm elected the one year of eligibility criteria, this also requires that the employee work 1,000 hours of service in that first year of employment.
In the Eligibility and Enrollment section of this online Guide or at www.voyadelivers.com/aba/enrollmentmaterials.
See the link for Program Enroll in the upper right area of the Enrollment Package or on the homepage of our website. Employees enroll themselves in your plan.
Steps To Enroll In The Plan
Step-by-Step Enrollment Guide
In order to enroll a new participant in the plan, you must complete the following steps in sequence:
1. Determine if employee is eligible and, if so, provide the eligible employee with an Enrollment Package for New Participant and SPD (Summary Plan Description)
2. Depending on the plan type, decide whether to contribute to a 401(k) plan on a pre-tax or Roth 401(k) basis (or voluntary after-tax basis to a 401(k) plan, profit sharing plan or money purchase pension plan, if available), how to invest the firm’s and/or participant’s own contributions, and who to name as beneficiary
3. Complete the enrollment and beneficiary designation process online and provide a copy of the confirmation to the Plan Administrator after going through the online experience. If not naming a spouse as the sole primary beneficiary, complete, sign and provide the Beneficiary Designation Form to the Program, with a copy to the Plan Administrator.
4. Review the participant’s enrollment and establish payroll deductions, if applicable.
5. Update the recordkeeping system with the new participant’s enrollment and beneficiary designation, or process Beneficiary Designation Form if applicable.
6. Assign participant a password
7. Send participant confirmation notice of investment elections and beneficiary designation