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Recordkeeping for TPA Services Shawn Atin, Director Partner Management

Recordkeeping for TPA Services Shawn Atin, Director Partner Management. The Ritz-Carlton, Huntington Hotel & Spa , Pasadena, California September 30th, 2003. Overview. Transamerica Recordkeeping (TA East) Overview Plan Sponsor Services Participant Services Service Guarantees.

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Recordkeeping for TPA Services Shawn Atin, Director Partner Management

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  1. Recordkeeping for TPA ServicesShawn Atin, Director Partner Management The Ritz-Carlton, Huntington Hotel & Spa , Pasadena, California September 30th, 2003

  2. Overview • Transamerica Recordkeeping (TA East) Overview • Plan Sponsor Services • Participant Services • Service Guarantees

  3. TA East Overview • 100+ Benefits professionals located in New York • Recordkeeping over 3,500 plans • Defined contribution, daily valuation proprietary recordkeeping system • 24 Hour Telephone Voice Response System • Participant Call Center - Monday through Friday, 8 am to 7 pm EST • Participant and Plan Sponsor Transactional Websites

  4. TA East Contact • TPA Single Point of Contact at TA East: • Suzanne Sementilli 1-800-350-0995 • E-mail: sxs@transamericaeast.com

  5. Plan Sponsor Services What does TRS provide for your plan sponsors?

  6. Plan Sponsor Services • Employee Enrollment • Contribution Processing • Distribution Processing • Loan Administration • Daily Reconciliation • Audit Packages • Quarterly Statements • TransAccess

  7. Employee Enrollment • On-line Enrollment or Enrollment by Form • Select Deferral Percentage (Maintained by Sponsor) • Select Investment Allocations (Future changes via VRS / Web) • Stop Pre-tax & Catch-up Contributions • Designate Beneficiary (Maintained by Sponsor)

  8. Data Remittance Methods TransAccess (via the Internet) preferred method 3-1/2” Diskette Contribution Remittance Methods Automatic Clearing House ACH) – Collection or Payment, preferred method Wire Transfer Check Contribution Processing

  9. Contributions invested in “Default” fund in the event of missing or incomplete participant investment elections Default fund selected by Sponsor during Installation Contribution Processing

  10. It’s easy for your plan sponsor to upload their payroll

  11. System will perform validations

  12. TransAccess approves the file and provides a detailed breakdown of the contribution

  13. An E-mail confirmation will follow immediately. As soon as the “ok” button is clicked an On-Line confirmation pops up

  14. Distribution Processing • Distributions must be authorized by the plan sponsor or designated trustee • Distribution forms are available on employer and participant web sites • Beneficiary designations maintained by Plan Sponsor • 1099R Forms produced • Tax notices included with distribution forms

  15. Distribution Processing Cont. • Distribution Events: • Total Distributions • Forced Distributions • In-service Withdrawals • Required Minimum Distributions • QDRO • Forfeitures

  16. Distribution Processing - cont. • Participant Terminations • Lump Sum • Installment • Annuity • Joint & Survivor Provisions • Retirement • Death Benefit • TAE Requires Death Certificate • Disability • TAE Requires SSA Documentation

  17. Distribution Processing - cont. • Forced Distributions < $5,000 • Rollover amounts may be excluded from calculation effective 1/1/02 • Plan sponsor sends via priority mail: Letter, distribution form and tax notice to terminated participant with account balances less than $5,000 • Letter from Sponsor to TAE for notification of forced distributions after 30 days for participants with confirmed receipt of notification

  18. Distribution Processing - cont. • In Service Withdrawals • Hardships • Trustee responsibility for proof of hardship • Age 59 ½ Withdrawals • Rollover Account • After-Tax Account

  19. Distribution Processing - cont. • Minimum Required Distributions • TAE calculates MRD • 4th Qtr mailing to Plan Sponsors or TPA • Plan Sponsor provides participants with MRD forms • MRD processed for returned forms

  20. Distribution Processing - cont. • QDRO • Model QDRO can be obtained via TRS • TRS or TPA reviews all DRO, Plan Administrator will determine if qualified • Pending DRO – Restrictions Prohibiting Distributions & Loans • Signed copy to TRS of final QDRO • Immediate Distribution or • Account Segregation (default)

  21. Forfeitures • Forfeitures taken according to terms of the plan document • Forfeitures used after the close of the plan year: • Pay Plan Expenses • Reduce Employer Contributions • Reallocate to employees • Plan sponsor directs TAE in writing • Forfeitures invested in fund chosen by Sponsor

  22. Loan Administration • Loan Requests: • Plan design determines number of loans, recordkeeping system limit is 20 loans • Request loans via form or paperless • Paperless requests only for General Purpose loans, and no J&S requirements • Paperless loan requests initiated by 4:00pm EST processed next day. Check received within 5 days

  23. Loan Administration Cont. • Loan Payments: • Interest & principal applied to loan payment (interest amount calculated according to amortization schedule) • Loans can be paid off anytime, partial payments not permitted • Loan delinquent report generated for participants that have not made a loan payment in the last 90 days

  24. Loan Administration Cont. • Loan Payments Continued: • Deemed distribution no loan payment received by the last day of the quarter following the quarter in which the last payment was made. • Loan payments suspended for up to 12 months during leave of absence (re-amortize to payoff in same time period) • Loan payments are suspended during a Military leave

  25. Quarterly Reports • Participant Statements mailed to homes • Plan Sponsor summary reports mailed to sponsor • Mailed within 15 business days of the end of the quarter • TPA automatically receives a copy of all sponsor summaries

  26. Participant Detail View/change participant indicative data View participant transaction history Plan Detail View plan balances TransAccess Plan Sponsor Website

  27. TransAccess Plan Sponsor Website Cont. • Plan Detail • Programmed Plan Reports – (TPA Download) • Employer Investment Report • Participant Statements • Loan Balance Report • Contribution Detail Report • Employee Disbursement Report • Forfeiture Balance Report • Eligibility Report • And More…

  28. What does TRS provide to the plan participants?

  29. Participant Services • PIN Letter and Card • Mailed within 5 business days of completed plan set-up • Includes Participant Website instructions • Includes Participant Voice Response System instructions (VRS)

  30. Participant Services - cont. • TransDirect • 24hrs / 7 Days a Week Internet & Toll Free 800# • On-Line Enrollment (if plan sponsor chooses) • Change PIN • Account Balance Information • By Investment Fund • By Account Type • Investment Direction Information • Change current Investment Elections • Transfer existing balances

  31. Participant Services - cont. • Loan Information • Outstanding loan balance • Loan modeling • Amount available for withdrawal • Obtain Investment Performance • English and Spanish speaking service professionals

  32. Participant Services - cont. • AdviceSolutions • Quarterly Participant Statement • Quarterly Worth A Look Newsletter

  33. Our Services are guaranteed….. or… Your plan sponsordoesn’t pay for that service!

  34. Service Standards Service Standards versus Actual Performance January 1, 2003 through June 30, 2003

  35. Q & A

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