401Katie

Thanks Artie - specifically wondering about distribution records (paperwork copies, check or ach records, 1099 copies, etc.)

What is everyone following as far as a retention schedule for distribution information? Meaning, how long are you holding onto copies of outgoing correspondence on plans?

Curious as to what your method is for when a participant changes an address. What method are you using for confirmation? Sending via email or regular mail and to both old and new addresses? And, are you implementing a waiting period for taking a distribution after an address change?

Curious if anyone is doing distributions to participants via ACH and not using a large provider (like a Penchecks, American TCS, Broadridge/Matrix, etc) to facilitate. We are implementing this, in house, and are curious if anyone else does the same? Wondering what "tool" is being used as an ACH verification tool - to not only verify it is a legit ACH account number that was provided but also a name matching tool as well. So if a Joe Smoe sends ACH information to us - we run the account number and name through a system to verify that yes, this is a legit account number and the name matches Joe Smoe....and then we can send the funds. How does everyone handle outgoing ACH payments to participants?