Updating Plan Participant Data

Updating Plan Participant Data

This section contains information about ongoing plan administration, such as what you need to do when a plan participant has changed his or her name or mailing address. Processing these changes in a timely manner is important because they can have specific implications and affect the participants’ results and experiences. As Plan Administrator, you will need to send the new and correct information to the Program for processing by completing and submitting the appropriate administrative form. This section provides a detailed description of your role, as well as that of the plan participant and the Program.

Steps to process information changes

In the chart below, you will find the steps for processing participant information changes.

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Plan Participant’s Role

Plan Administrator’s Role

The Program’s Role

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1. Inform the plan administrator when his or her name, address, marital status, beneficiary and/or employment status changes

2. Log on to his/her account to make certain changes online

3. If necessary, submit appropriate forms/information to the Program

4. Process forms/information

Types of participant status changes

Change of employment status

A change in employment status (for example, a change from full-time to part-time or vice versa) may affect the participant’s eligibility for participation or contributions. You will need to refer to your firm’s adoption agreement to see what types of changes may have an effect on your plan administration. For more information, see the Employment Status Changes page.

Change of name

When a plan participant changes his or her name, you must notify the Program by completing and submitting a Participant Data Change Form, and provide the legal documentation (e.g.,copy of marriage certificate or copy of the divorce decree or court order).

Change of address

When a plan participant changes his or her current mailing address, you may complete and submit a Participant Data Change Form to notify the Program as soon as possible. Alternatively, the participant may log on to his or her account or call the Customer Service Center at 800.348.2272 to update an address.

Change of marital status

You must inform the Program with a Participant Data Change Form when a plan participant marries, divorces or becomes widowed, and provide legal documentation (e.g., marriage certificate, divorce decree) only if his or her name has changed.* Otherwise, the participant can change his/her marital status online under the “Add/Edit Beneficiary” option.

*If the participant will be using a form due to a name change and not changing the beneficiary online, you should remind him or her that the marital status change affects the participant’s beneficiary designation, so the participant will want to review his or her named beneficiary for the plan. To change his or her beneficiary designation, the participant should log on to the Program’s website to update the beneficiary designation.

Beneficiary changes

To request a change in beneficiary, the participant should log on to his/her account and see the Add/Edit Beneficiary link under the “Personal” section. If the participant is married and wants to name someone other than his or her spouse, the spouse needs to give consent and, therefore, the participant will instead need to use the Beneficiary Designation Form. An Authorized Plan Representative or notary public must witness the spouse’s signature. The date of the witness’s signature must be the same date as the spouse’s signature.

See the Beneficiary Designations page for instructions on completing the Beneficiary Designation Form.

Completing the Participant Data Change Form

1. You complete the employer information that relates to the plan.
2. The participant completes the participant information.
3. The participant completes the new participant information by specifying the:
   1. Type of status change,
   2. New information, and
   3. Effective date (if necessary).
4. Authorized plan representative signs and dates the form on behalf of the employer. The participant must also sign and date the form.

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Sending updated information to the Program

For termination or retirement, you must notify the Program of the participant’s termination or retirement date by using a Participant Data Change Form.

For a beneficiary change, the participant should provide you with a copy of the confirmation notice if using the website or a copy of the Beneficiary Designation Form if applicable.  The participant may submit the  form to the Program via mail or email, unless the spouse’s consent was notarized using a raised seal, in which case only the mail option can be used.

The Program will process the form(s) upon receipt and send a confirmation notice to the participant’s address of record.