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.
Notify the Program of their employment status change by submitting a Participant Data Change Form.
Participant tasks & responsibilities
Participants are responsible for:
- Enrolling in the plan, or opting out, in the case of an automatic enrollment plan design.
- Determining an amount to contribute (for plans with a 401(k) feature) and whether such amount will consist of pre-tax, after-tax or Roth amounts.
- Directing the ABA Retirement Funds Program (the Program) on how to allocate their contributions and those of their employer, if applicable, among the Program’s investment options.
- Designating a beneficiary.
- Notifying the Program and their employer of marital status changes and address changes.
- Selecting a form of benefit payment if required.
- Properly completing forms relating to plan and Program administration and forwarding them to their employer/plan administrator.
- Determining whether they want a hard copy or an online copy of their quarterly account statement.
- Determining whether they wish to arrange for email delivery of confirmation notices.
- Determine whether they wish to take advantage of personalized investment advice through Voya Retirement Advisors LLC.