On a daily basis we receive new distribution requests that need to be reviewed by our Transactions department and prepared for Sponsor Approval. Distribution requests may be entered on MyPlanConnection.com by participants or participant service specialists, or they may be requested via paper form. 


New distributions show up in PlanConnect under Tasks > Distributions with a blank template that includes only:


  • Participant's Name
  • SSN
  • PlanID
  • Request Date


Transaction specialists must then complete the Review tab under each distribution request. To find distributions that have not been reviewed, specialist must search for distributions that have a Review Start Date = Null. Note the following requirements to review distributions;


Paper Forms


  • Requests over $500.00 require both DL and Notary


Electronic Requests


  • Requests over $20,000.00 require DL unless the request was submitted by a CSR.


All requests over $75,000 require a callout for security purposes. All waived items should get a 01/01/1900 date


With these criteria in mind, the following steps are taken to review distributions:


Additional Notes for In-Service and other distribution types will be at the bottom of this article. 


  1. Download trading instructions for this request from the following directory: R:\CAPITALOperations\Distributions\Cover Sheets. Trading instructions contain relevant information pertaining to this request, which will help determine if certain criteria is met for the distribution.
  2. Review Admin Requirements
    1. Select Submission Type (Paper vs. Web)
    2. Review All Pages Received (N/A for Web requests)
    3. Review All info Rec'd (N/A for Web Requests)
    4. Review Form Signed (N/A for Web Requests)
    5. Review Job Status (Is participant terminated and requesting a termination distribution?)
    6. Review Vesting (Does the EE's sources look correct based on the vesting schedule)
  3. Once all necessary boxes are completed, the Review Complete box will populate automatically - if box is not populated, review requirements to find missing item and work to correct it based on what may be needed.
  4. Review Security Requirements
    1. Is a picture ID required? Review requirements noted above. IDs may be submitted along online request, so you may review the Document Vault for uploads
    2. Is a notary required?
    3. Does the address on the form match the address on record (N/A for web requests)
    4. Is a callout required or waived?
  5. Complete Trading Instructions
    1. Enter gross amount if not lump sum (N/A for web requests)
    2. Enter Source if source specific (rare)
    3. Enter delivery method if specified
    4. Update tax information
    5. Write 1099 Code under other instructions


Considerations when reviewing distribution and eligibility


Required Minimum Distributions: Participants over the age of 72 may be due their Required Minimum Distribution if they are terminated - even if the participant is processing a rollover out of the plan, this must be issued along the rollover request.


Money Purchase Sources: Participants who have Money Purchase money in their account must provide a Joint-Survivor and Annuity form signed/notarized by their spouses, or provide confirmation that they are not married. 


In-Service Distributions by Web: To find out whether an in-service withdrawal is a rollover or a taxable withdrawal, transaction specialists must look at MyPlanConnection.com, under the plan's approval page, and payment detail page, to see the instructions for payment. This will help determine the correct 1099 code.