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191. How do participants receive statements?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Participant Assistance FAQ
     Sentinel’s participant statement provides participants with a clear understanding of how much they need to save in order to stay on track for retirement. A personalized gap analysis outlines the difference between the amount of money a participant h...

192. How do I submit participant information changes?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Participant Assistance FAQ
     Changes to active participants' name, address, date of birth, date of hire, date of termination, etc. will be reported to Sentinel through the payroll contribution files. Terminated participants will self-manage changes using the Sentinel website. Y...

193. How do participants change their salary deferral into the plan?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Participant Assistance FAQ
     Changes to participant deferral contributions are made by the participant through the Sentinel website. A confirmation email is sent to the participant. Sentinel will also provide contribution rate changes to you via email confirmation. In addition,...

194. How do I remove the small balances of terminated participants from the plan?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Loan and Distribution FAQ
     Mandatory distributions, also known as sweeps, are a great option for removing small balances from your plan and reducing your fees. Our automated process reviews your plan periodically for terminated participants with vested balances under your pla...

195. How can a participant request a loan?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Loan and Distribution FAQ
     Participants will request loans through the Sentinel website using the “Request a Loan” option under the Manage My Account menu. Through the online wizard, the participant will see current loan balances and the amount available for a new loan. The m...

196. How do Qualified Domestic Relations Orders (QDROs) work?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Loan and Distribution FAQ
     The term Qualified Domestic Relations Order (QDRO) means any judgment, decree or order that creates or recognizes the existence of an alternate payee’s right to receive all or a portion of the benefits payable with respect to a participant under the...

197. Do I have to provide plan notices to participants every year?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Participant Assistance FAQ
     Yes. Each year Sentinel will post your annual participant notice package to the Plan Sponsor Website. Email notification is provided once the package has been posted and is ready for download. This is typically provided around 60 days in advance of ...

198. How do I track participant beneficiary elections?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     Beneficiary designations are updated by participants through the Sentinel website. During the Online Enrollment Steps, a participant will be prompted and required to elect their beneficiary. In addition, a participant may change their election onlin...

199. How does vesting work?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Compliance FAQ
     Sentinel will track vesting for all your participants according to the provisions of your Plan Document. Plan participant hours will be imported into our system each payroll period using the contribution payroll file. Sentinel’s recordkeeping system...

200. Can participants access the plan using their phones?

     Created On: 10/01/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Participant Assistance FAQ
     Yes. When participants download the mobile app, they can access their retirement account balances whenever and wherever they choose, quickly and easily. Participants can check their balances, see transaction activity, change investment elections, re...

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