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In order to rollover funds from their prior plan into their Ameritas BlueStar plan, participants must first complete the Rollover Contribution Form and provide us with a copy of their recent quarterly statement. A check should NOT be issued by their prior provider until we have received this documentation in good order - they will receive payment instructions only after their form and back up has been reviewed and processed.
The quarterly statement that participants will be required to provide along with their rollover form is used to determine that their funds will be coming from an eligible plan type. Eligible plan types are below.
It is important to note that if their Ameritas BlueStar plan does not accept Roth funds, a Roth 401(k) can not be rolled into their plan. In addition, our plans do not currently accept after-tax funds.
It is imperative that participants provide all requested information listed on the rollover form (plan type, estimated amount, Roth info, Simple IRA inception date, etc.). They must accurately report their own Roth basis and start date and it will be the participant's responsibility to provide us corrected information to make updates later if they find that they info they provided initially was incorrect.
If the appropriate information/statement is not provided or we determine that their funds are not coming from an eligible plan type, the rollover request cannot move forward.
Once their rollover form and back up has been deemed to be in good order, they will begin receiving an automated email containing payment instructions and mailing or wire instructions for their rollover. The payment instructions will be sent out daily for 30 days and if a check is not received after 30 days, the request will be cancelled and they will need to re-request an updated rollover form/instructions.
Processing Deposits Received
1) Check \\bs-prod-file01\RetirementPlans\CAPITALOperations\Rollovers\Pending Deposits Received to confirm any new deposits that have been received at the custodian.
2) Combine check file with participant's supporting documentation (form & statement), along with a blank Rollover Checklist ("\\bs-prod-file01\RetirementPlans\CAPITALOperations\Rollovers\Rollover CheckList.pdf")
3) Review check to ensure it is payable to the correct entity. If check is payable to Ameritas/BlueStar, it should be rejected. Notify custodian and Ursula/Ari via email to return check to sender and notify participant via FreshDesk that they will need to reissue check once their prior provider has received the funds back. See attached example for email to custodian requesting rejection and FD 606512 for example of email to participant.
Please note that if a check is payable to the plan name (ex.: payable to Atlas for an Atlas Technical ppt), we can accept this.
Schwab: yourclientserviceteam@schwab.com
Matrix: CSTeam3@broadridge.com
MATC: matcadmin@macg.com
4) Follow Rollover Checklist to ensure everything is in good order and can be processed. (i.e.: Is the participant active/eligible? If they are not yet eligible for the plan, does the plan still allow rollovers? If there are Roth funds, does the plan allow Roth and do we have the Roth basis/start date from the participant? Do we have the origination date for their Simple IRA?)
5) If the check has been determined to be in good order and the participant is eligible for the incoming rollover, save the completed rollover file package to the main folder (\\bs-prod-file01\RetirementPlans\CAPITALOperations\Rollovers) so that RK may review and proceed in posting the funds.
If there is any additional information needed before we can post the funds, such as a rollover form, Roth basis, etc., reach out to participant to request this and save file to \\bs-prod-file01\RetirementPlans\CAPITALOperations\Rollovers\Incomplete while we await the needed information. Please ensure to notate PC with ticket number and notes about what is needed.