FAQs Tools and Resources

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What To Do When…Plan Administrator’s Role
A participant is newly eligible for the plan 
(see “How to Enroll” under Eligibility & Enrollment and “Important Plan Documents“)
  • Send enrollment kit to participant (or forward the link) no later than 30 days before the participant’s eligibility date (or on the date of eligibility if the plan allows immediate eligibility)
  • Send summary plan description ("SPD") to participant no later than 90 days after eligibility date.
A participant enrolls in the plan 
(see “Eligibility & Enrollment")
  • Provide them the link to the Enrollment Package in the Program Overview Guide.
  • Provide them with the six-digit Program number for your plan, date of hire, and entry date into the plan.
A participant establishes a Personal Choice Retirement Account (“PCRA”) 
(see “Opening a Personal Choice Retirement Account”)
  • None; participant sends PCRA application directly to Charles Schwab & Co., Inc.
The firm and participants contribute to the plan 
(see “Contributions")
  • Calculate amount of firm’s/participants’ contributions.
  • Submit contributions and/or loan repayments through Payroll/Administration if that is your preferred method; or
  • Prepare, sign, date and send the Contribution and Loan Repayment Remittance Form, with contributions to the Program and make your check payable to ABA Retirement Funds Program
  • Prepare, sign, date and send the Notification of Contributions by Wire Form, along with the Contribution and Loan Repayment Remittance Form if remitting contributions by wire
  • Prepare, sign, date and send the Rollover Certification Form, if remitting a rollover contribution and ensure the rollover check is payable to ABA Retirement Funds Program, FBO (participant’s name)
A participant changes investment elections 
(see" Investment Election Changes & Transfers")
  • Participant may access his or her account through the “Participant Login” or participant may call the Customer Service Center at 800.348.2272 to use the automated system or speak with a Customer Service Associate.
A participant requests a loan, requests a loan reamortization or defaults on a loan 
(see “Loans”)
  • A participant requests a loan, requests a loan reamortization or defaults on a loan (see “Loans”).
A participant requests a hardship withdrawal 
(see “Hardship Withdrawals”)
  • Review, sign, date and send the Hardship Withdrawal Form to the Program (ensure you maintain copies of the underlying documentation that demonstrate participant meets one of the safe harbor hardship withdrawal criteria.)
A participant requests a distribution after he or she has left the firm, retires, or is still employed and meets the age or other withdrawal requirements 
(see “Participant Distributions”)
  • Review, sign, date and send the Distribution Request Form to the Program.
A participant dies 
(see “Death Benefits”)
  • Review, sign, date and send the Death Benefits Claim Form to the Program, along with a certified copy of the death certificate.
You receive an order that may be a Qualified Domestic Relations Order (QDRO) with respect to a participant’s benefit 
(see "QDROs")
  • Notify participant and alternate payee of receipt.
  • Notify the Program that an order was received so the Program can secure amounts payable to alternate payee.
  • Determine if order is a QDRO.
  • Notify participant and alternate payee that order is/is not a QDRO.
  • If order is a QDRO, complete and send the Qualified Domestic Relations Order Review Sheet.
There are annual testing, reporting and communication requirements 
(see "Compliance & Communications")
  • Provide participant census data to the Program for top-heavy and nondiscrimination testing.*
  • Review and e-file Form 5500 with Department of Labor ("DOL") or review, sign and mail Form 5500EZ to IRS.
  • Send summary annual report ("SAR") to participants.
A participant requests plan-related documents
(see “Important Plan Documents“)
  • Send plan documents to participant no later than 30 days after you receive request.

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FAQs

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.

Enrollment Kit materials are found within the Program Overview Guide. Share the Program Overview Guide with your employees to provide them everything they need to get started.

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. 

Notify the Program of their employment status change by submitting a Participant Data Change Form.

 

Participants can log on to their accounts through the Program’s website or submit the Beneficiary Designation Form.

Participants can log on to their accounts through the Program’s website or submit the Participant Data Change Form.

*If the Program does not receive the requested census data in Good Order within 30 calendar days prior to the subsequent year-end, the Program will not be responsible for completing the testing for that plan year.

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