BlueStar Ameritas is the 3(16) Administrator for the attached list of plans, which means that we will approve distribution requests, QDROs, and death account splits, rather than a sponsor/TPA.
For Distribution Approvals (to be handled between 10am-12pm):
In PC, filter to these settings:
Admin Review Complete: checked, equal to
Security Requirements Met: checked, equal to
Approved By: Is Empty
Search by plan to find all requests that are ready for approval. Open plan in MPC and go to Transaction Approval screen to view payment details.
Check if payment address differs from AOR for cash payments. If applicable, verify if Traditional/Roth account numbers are the same. If these issues occur, we will need to request the participant to clarify their request or provide address verification.
Check PC record, trading instructions, any supporting documentation uploaded by participant. Verify DL or any back up is IGO, verify vesting is correct, ensure correct 1099 codes are used, etc.
If Money Purchase Source is shown in participant's balance, J&S form must be received or participant must confirm that they are single.
EACA - verify when auto enrolled deferrals started, deny request if over 90 days. Notify Transactions to reach out to participant to advise request was cancelled.
MEP Termination (i.e. AlphaStaff, Tandem, etc.) - if participant is active in one adopter but termed in the other but they are eligible for in service (over 59.5), add DMC alert advising to treat as in service. If they are active in one adopter but termed in another and are not eligible for in-service, the request would need to be denied. Notify Transactions to reach out to ppt. Ppt would need to wait until they are able to either request in-service at 59.5 or they're termed from both adopters to withdraw funds. They may be eligible for internal transfer (reference https://bluestarretirement.freshdesk.com/a/solutions/articles/33000262826?lang=en&portalId=33000059188 for more info and you can contact PlanOps to ensure this might be an option for participant).
Check if there are pending residual contributions - approve only once these funds post.
Check payroll history - example: if participant is requesting a hardship or an in-service, they should be active. If we haven't received any payroll date in quite a while, it's possible they may actually be terminated so we should reach out to AM to have them confirm employment status.
If everything is IGO, approve in Transaction Approval screen.
Special Note: For Lavie plan, no extra review is needed. If request is IGO (security and admin requirements are met), we can approve in MPC.