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Distributions, Loans and Rollovers

Articles

Sponsor Approval of Participant Distribution Requests
If you have received notification that an employee is requesting a distribution/withdrawal from their retirement account, the request must be approved by a authorized signer.  You can be considered an authorized signer if you have received the ...
Tips for Reviewing Distribution Requests
As your service partner, we have taken steps to provide you with as much relevant information as possible to aid you in reviewing distribution requests. Below, please find tips and considerations we have put together to assist you as you fulfill the...
 Sponsor Approval of Participant Loan Requests
For a brief tutorial on how to approve participant loan request, please watch our quick interactive video.
Viewing/Printing a Participant Loan Amortization Schedule
To view a new or existing participant loan schedule, please follow these steps: Log in to the employer portal from sentinelgroup.com and select "Retirement" from the home page of the portal . From the Plan Sponsor Dashboard, select...
Mandatory Distributions (Automatic Rollover IRA's)
If your plan has an automatic cash out and/or rollover provision, we will periodically review the plan and notify terminated participants who have a balance below the plan's cash-out threshold that they must take action on their retirement accou...
403(b) Contract Exchanges and Transfers
Overview If you are the plan sponsor of a 403(b) plan, it may not be a surprise to you to see your plan participants with more than one investment account. This is not be confused with one or more mutual funds in their retirement account. In this a...
Non-Discrimination Testing & Corrective Distributions
The IRS requires that retirement plans perform annual non-discrimination tests to ensure that the benefits from a company’s 401(k) plan are widely shared. This is done to make sure that the retirement plan doesn’t disproportionately favo...
CARES Act Loan Repayment Deferment
The CARES Act allows for qualified individuals to defer repayment of their retirement plan loan(s) through the end of the year. To be considered a "qualified individual", the participant, their spouse or dependent must have either been dia...
Qualified Birth or Adoption Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed on December 20, 2019, permits penalty-free distributions for birth or adoption-related expenses of up to a maximum of $5,000 from defined contribution plans, including IR...
Loans Requiring Supporting Documentation
If your plan permits loans only for specific reasons (i.e. defined financial hardships), the allowable reasons are shown to participants as part of the online loan request process and they are advised that they must attach supporting documentation t...