Voya s Distributions with EASE

Transcription

1 Voya s Distributions with EASE User Guide for Third Party Administrators Version 3.10 November 2016

2 Table of Contents Introduction. 3 When is Paperwork Required. 3 Security Roles... 3 How does It Work / Sponsor Approval model... 4 How does it Work / Delegation of Authority model.. 5 Access Your Distributions.. 6 Sample Loan Request Sample Withdrawal Request. 9 Rollover & Additional Tax Information. 10 Roth Information 11 Review Request / Sponsor Approval Model 12 Generate Paperwork 13 Workflow for Hardships Approve Request/Delegation of Authority Model. 14 Voya s Paperwork. 15 Modify a Loan Request Modify a Withdrawal Request. 17 Participant Approval of Modified Request. 18 Participant Online Reacceptance.. 19 Initiate a Loan.. 21 Initiate a Withdrawal or Termination. 24 Notifications. 29 Wake Up Tasks. 29 Expired Transactions 29 Search Status / Status Types Comments. 32 Sponsor Experience 33 Frequently Asked Questions & Support. 34 2

3 Introduction Voya Financial Distributions with EASE simplifies the administration process for distributions by providing online initiation, routing, and approval of loan, withdrawal, and termination requests. Requests are initiated online and then routed electronically to the appropriate parties for review and approval. If paperwork is required for a distribution, Voya generates the paperwork and sends it directly to the participant who obtains the required signatures and returns it to Voya. Returned paperwork is scanned into the system for online viewing and approval by you and/or the Plan Sponsor. Participants can view the status of a request through the Pending Transactions section of Voya s participant web site. The exact steps of the routing process for a given transaction varies based on the workflow selected, who initiates the request, whether paperwork is required, and your security role. Distributions with EASE will track all the variables, routing the transaction along the correct path, and notifying you via whenever action is required on your part. When is Paperwork Required? Paperwork is only required for certain distributions. This includes: When the participant is legally married and spousal consent is required by the plan Residential loans Hardship withdrawals Withdrawals for Voya s Lifetime Income Protection program All TPA-initiated withdrawal requests Effective December 2015, all Non-Resident Alien distributions will require paperwork and not be allowed in the Distribution with Ease process All other distributions can be completely paperless. Flexible Workflow Options You and the Plan Sponsor have the flexibility to elect how you manage the distribution process for the plan. The most common workflow is the Sponsor Approval model where you review all requests before routing them to the sponsor for approval. In the Delegation of Authority model, the sponsor elects to delegate approval authority to you; the sponsor is removed from the process and you have final approval authority. The workflow for a given plan should be a joint decision between you and the plan sponsor. Regardless of the workflow elected, Voya s Distributions with EASE will track all requests and route them accordingly. Security Roles Security permissions on Voya s TPA Partners Site control what you see and do in Distributions with EASE. In the Delegation of Authority model, the following security roles apply: Individuals set up with permission to Review Distributions: Have the authority to review and edit distribution requests Receive an * when a request requires Review Requests in Review status appear as Open (actionable) on the Distributions page Must route requests to a TPA Approver to initiate paperwork, send for online reacceptance, and/or approve. Individuals set up with permission to Authorize Distributions: Have the authority, and responsibility, to approve distribution requests Receive an * when a request requires Review or Approval Requests in Review or Approve status appear as Open (actionable) on the Distributions page Can edit requests, initiate paperwork, and send for online reacceptance Both roles have the ability to initiate loan and distribution requests. In the Sponsor Approval model, individuals with either permission (Review Distributions or Authorize Distributions): Have the authority to review and edit distribution requests Receive an * when a request requires Review Requests in Review status appear as Open (actionable) on the Distributions page Can initiate paperwork and/or send for online reacceptance Can initiate loan and distribution requests Route requests to the Plan Sponsor for approval 3

4 *You have the ability to turn notifications on/off through the Profile > Alert Notification section of the TPA Partners Site. How does it work? Sponsor Approval Model Participant initiates request online or calls the Customer Contact Center notification sent to the TPA TPA reviews the request, making any needed changes notification sent to the Plan Sponsor Plan Sponsor approves and releases the transaction Participant receives money If paperwork is required, you will initiate that paperwork once you ve completed your review of the request: TPA reviews, edits, and instructs Voya to send paperwork Voya sends paperwork to the participant; participant receives notification Participant returns paperwork to Voya Voya scans paperwork; notification sent to the Plan Sponsor Plan Sponsor approves and releases the transaction There is a slightly different workflow for Hardships in the Sponsor Approval Model; refer to page 13 for details. 4

5 How does it work? Delegation of Authority Model Participant initiates request online or calls the Customer Contact Center notification sent to the TPA TPA reviews the request, making any changes needed, and approves/releases the transaction Participant receives money If paperwork is required, you will initiate that paperwork once you ve completed your review of the request: TPA reviews, edits, and instructs Voya to send paperwork Voya sends paperwork to the participant; participant receives notification Participant returns paperwork to Voya Voya scans paperwork; notification sent to the TPA TPA approves and releases the transaction 5

6 Access Your Distributions When action is required on your part, you ll receive an notification. Or you can go to the Voya TPA Partners Site at any time to view your list of actionable items. Log onto the Voya TPA Partners Site at and select Distributions from the top navigation bar. All requests that are in an actionable status for you will display on your Distributions page with the following information: Request Date: date the request was initiated Participant Name Plan Name Plan Number Request Type: The type of loan, withdrawal, or termination Amount: Dollar amount of the requested distribution Status: Items that are actionable for you have a status of Open Status Type: additional qualifier of the status for example: TPA Review or Sponsor Rejected (see page 30 for more on Status and Status Type) The default sort order for your list is descending by request date. You can sort on any of these columns by clicking on the column header. Clicking a 2nd time switches the sort from ascending to descending. If the number of requests exceeds 20, pagination links will display allowing you to page through the remaining requests. Or you can click View All to display all requests. To open a request, click on the participant s name. You can locate a request that is in another stage of the distribution process (not currently requiring your action) by using the Search feature. See page 30 for details on using Search. Sort on any column by clicking the column header To open a request, click on the participant s name. If the number of results exceeds 20, pagination links will display Requests awaiting your action will be in an Open status Note: All online distribution processes are managed through this Distributions page. The instructions in this Guide apply only to your EASE distributions. 6

7 Loan Summary Screen For a loan, the Loan Summary screen displays and provides the details of the loan request. Across the top of the screen are the participant s SSN, name, and Date of Birth along with the plan number and plan name. Below that is information on the loan itself including amount available for loan, type of loan requested, loan or payment amount, and payment details. The Delivery Options section shows delivery information indicating whether the loan will be disbursed by check or ACH. (Note: the ACH option is only available if the participant has ACH information on file with Voya.) Sample Loan Summary screen Participant SSN, Name, and Date of Birth PDF Help documents are available by clicking the links in the top right corner. Loan Amount Available Loan Request Details Loan Delivery Information 7

8 Summary Screen (continued) The bottom half of the Summary screen is where you ll find any comments or documentation associated with the request. You can add a comment by clicking the Add Comment link. See page 32 for more on adding comments. Information on whether the sponsor is approving or not will display. For the standard sponsor approval model, this will indicate approval as Online ; for the Delegation of Authority model, this will indicate approval as None. Below that is information on the participant s preferred method for receiving paperwork and accepting any updated terms of the request, followed by the checkboxes and action buttons for taking action on the request. From this screen you can review the request and route it to the plan sponsor for approval, edit the request if necessary, elect to generate paperwork or send for online reacceptance, or approve the request (with delegation of authority). See the following pages for details. Comments Click to Add Comment Documentation Sponsor Approval information On-screen help is available in the shaded orange sections. Participant elections for paperwork & accepting updated terms Checkboxes and Action buttons 8

9 Withdrawal Summary Screen The Withdrawal Summary screen is similar to the loan screen, providing details of the Withdrawal request including type of withdrawal, amount available, amount or percent requested, vesting information, and delivery information. If the withdrawal is a Termination, a Term Date is required and will pre-fill if Voya has one on file. The bottom of the Withdrawal Summary screen is the same as the Loan screen, providing comments and documentation associated with the request, information on sponsor approval and participant elections for paperwork/reacceptance, and checkboxes and action buttons (see prior page for illustration). From this screen you can review the request and route it for approval, edit the request, elect to generate paperwork or send for online reacceptance, or approve the request (with delegation of authority). See the following pages for details. Participant SSN, Name, and Date of Birth Termination of Request Date Sample Withdrawal Summary screen Type of Request Amount of Request Amount Available Distribution Fee Resident state for tax purposes Vesting Information Delivery Information 9

10 Rollover Information If the Withdrawal includes a Rollover, a detailed Rollover section displays on the Withdrawal Summary screen indicating the Trustee and account information along with the address for delivery of the Rollover check (either the Trustee address or participant address). This section also shows the percent or amount of the distribution that is a Rollover. If the Rollover is less than 100%, the remaining amount is cash to the participant and the Delivery Options section indicates whether the cash portion is being disbursed by check or ACH. Distribution with EASE now supports rollovers to Voya products. Once approved by the Sponsor and or TPA, Voya s Central Rollover Unit will complete the process after the internal rollover application has been received in good order. If the request does not include a Rollover, this detailed Rollover section does not display. If the request is 100% rollover, the Delivery Options section for the cash portion does not display. Rollover details display when the distribution includes a rollover. For a 100% Rollover, the Delivery Options section does not display. Additional Tax Information If the participant elected to withhold additional taxes, that information displays for you on the Summary screen. Additional Tax information displays when additional taxes are elected. 10

11 Roth Information If a withdrawal request includes both Roth and non-roth money, that information displays separately on the Summary page as different Request Types. For example, for a 59 ½ request that includes both Roth and non-roth, the non-roth portion will display first on the Summary screen as Request Type: Age 59 ½; below that will be the Roth portion displayed as Request Type: 59 ½ Roth. The Rollover option (if applicable) is available for each Request Type; participants can elect different rollover options for their Roth vs. non-roth monies. Vesting information displays only for the non-roth portion. Even though the Roth and non-roth information displays separately on the Summary screen, it is a single request for you to review and process.. Details of the Non- Roth portion of the request Details of the Roth portion of the request 11

12 Review Requests / SPONSOR APPROVAL MODEL Regardless if the request is a Loan, Withdrawal, or Termination, the steps required to process a request are the same. When the participant initiates the request, you will receive an notification and the request will appear on your Distributions list. You must review the request, make any changes needed, and then route the request to the Plan Sponsor for approval. If paperwork is required, it is your responsibility to instruct Voya to send the paperwork. Review & Process Request / No Changes or Paperwork Required Once you ve completed your review of the request, if no further changes or paperwork are required, you can release the request to the Plan Sponsor for approval. To release the request, simply click Submit from the bottom of the Summary screen. When you click Submit, the request will route to the Plan Sponsor. You will be returned to a refreshed Distributions list where this request will no longer appear since it is no longer actionable for you. Even though the request no longer appears on your list, you can search for it anytime using the Search feature. When you release a request to the Plan Sponsor, the sponsor will receive an notification indicating that a request requires their approval. The sponsor can approve the request and release it for processing, cancel the request, or reject the request. See page 33 for more information on the Plan Sponsor experience. Note: If the Plan Sponsor rejects the request, it will route back to you (the TPA) for revision. You will receive an notification and the request will once again appear on your Distributions list for your action. Click Submit to route the request to the Plan Sponsor for approval. Review & Process Request / Paperwork Required Paperwork is required only for: Residential Loans Hardship Withdrawals Married participants if the plan requires spousal consent. Voya s Lifetime Income Protection program which includes Rollover s or a Payout For all other requests, no paperwork is needed. Spousal Consent If a plan requires Spousal Consent, a message appears on the Summary screen indicating this, along with the participant s answer to the marital status question. If the participant is married, paperwork is required. 12

13 Generating Paperwork If you need to make changes to a request, be sure to make those changes before generating paperwork so that the paperwork includes your changes. As a general rule, when paperwork is required, it is your responsibility to initiate that paperwork. However, for Hardships in the Sponsor Approval model, the workflow is slightly different and Voya would have already generated the paperwork. (See below for details on the workflow for Hardships.) The Distributions with EASE process has rules built in to determine if paperwork is required. If the system determines that paperwork is necessary, the checkbox on the Summary screen that says Send Distribution Forms to Participant. will already be checked for you. The participant s paperwork delivery election pre-fills based on the option the participant elected when initiating the request. Simply click the Send to Participant button to have Voya generate and send the paperwork to the participant. To have Voya generate paperwork: With the paperwork checkbox selected, Click Send to Participant. Once you click Send to Participant, your part of the process is complete. Voya will generate the required paperwork and send it directly to the participant. The request will be suspended until paperwork is returned. You will return to a refreshed Distributions list where this request will no longer appear. If the participant requested to be notified by when paperwork was sent, an is automatically generated to the participant. When the participant receives their paperwork, they sign it and return it directly to Voya where it is scanned into the system for the Plan Sponsor to view online. The Plan Sponsor will receive an notification when the paperwork is received and the request is available for them to review and approve online. Workflow for Hardships (Sponsor Approval model only) For Hardships in the Sponsor Approval model, the workflow is slightly different in order to provide you the ability to review the participants supporting Hardship documentation. For these transactions, you will not be initiating the paperwork. Instead, when the participant initiates a hardship request, Voya will immediately generate the paperwork and send it the participant. When paperwork is returned to Voya, that s when you ll receive the notification and the request will appear on My Work Items for you. When reviewing the request, review the supporting documentation available from the Document List section of the Summary screen. Both the initial paperwork and the completed paperwork are available in the Document List section so be sure you are viewing the most recent (completed) document. There is a small scroll bar on the right-side of this Document List section; you may need to scroll to view all available documents. If the request and documentation are satisfactory, click Submit to route the request to the Plan Sponsor for approval. 13

14 Approve Requests / DELEGATION OF AUTHORITY MODEL If the Sponsor has delegated approval authority to you, the sponsor is removed from the process and you will review and approve requests on their behalf. Regardless if the request is a Loan, Withdrawal, or Termination, the steps required to approve a request are the same. When the participant initiates the request it is routed directly to you for your review and approval. You will receive an notification and the request will appear on your Distributions list. Approve Request / No Changes or Paperwork Required Once you review the request, if the request is satisfactory and no changes or paperwork is needed, you can approve the request and release it for processing. To approve and release the request*: 1. Click Submit at the bottom of the Summary screen. Since you are the final approver, you will be presented with a certification message. 2. Click I Agree to the certification to indicate your approval of the request. When you click I Agree, the request is released for processing. You will be returned to a refreshed Distributions list where this request will no longer appear since it is no longer actionable for you. Even though the request no longer appears, you can search for it anytime using the Search feature. Review & Approve Request / Paperwork Required If paperwork is required (Hardships, Residential Loans, or married participant in a Spousal Consent plan), when the request is routed to you for review it is your responsibility to initiate that paperwork*. Refer to the previous page for instructions on generating paperwork. (The alternate workflow for Hardships does not apply to the Delegation of Authority model.) When paperwork is returned to Voya, it is scanned into the system and made available to view online. Since you are approving requests on behalf of the Plan Sponsor, instead of the Plan Sponsor being notified, you will receive an notification and the request will once again appear as an actionable item for you on your Distributions list. The completed paperwork is available for you to review from the Summary screen of the request. To view the paperwork, click on the document link under the Document List section. A separate window will open and display the paperwork. Click on the document under the Document List section to view a scanned image of the signed paperwork. Note: Both the initial paperwork and the completed paperwork are available in the Document List section so be sure you are viewing the most recent (completed) document. There is a small scroll bar on the right-side of this Document List section; you may need to scroll to view all available documents. When you are done reviewing the paperwork, click on the X in the top right corner of that separate window to close the document and continue with processing. If the request and paperwork are satisfactory, follow steps 1 and 2 above to approve the request and release it for processing. *In the Delegation of Authority model, only individuals with the security permissions to Authorize Distributions can generate paperwork and approve a request to release it for processing. Individuals with security permissions to Review Distributions can review a request and then click Submit to route the request to an authorizer who can generate paperwork and approve. 14

15 Voya s Paperwork Voya s Loan and Withdrawal Request paperwork is streamlined to display only the options elected during the initiation process. This makes the paperwork less cumbersome and easier for the participant to complete. The simplified form reduces the risk of errors and requests deemed not in good order. During the initiation process, the participant elects their desired paperwork delivery method, either U.S. Mail, Fax, or posting to the Statements & Documents/Correspondence section of Voya s Participant website. Regardless of the method selected, a copy of the paperwork will always be posted to the Statements & Documents/Correspondence section of Voya s Participant website. If the participant misplaces their paperwork, they can always obtain a copy from the Statements & Documents/Correspondence section of Voya s Participant website. When paperwork is generated to the participant, the cover letter instructs the participant to obtain the required signatures and return the paperwork directly to Voya. Good Order Review The Good Order review of the returned paperwork is the responsibility of whoever is approving the request. In the Sponsor Approval model, it s the Plan Sponsor who is approving and therefore responsible for the good order review; in the Delegation of Authority model, that responsibility lies with the TPA. 15

16 After approving a request a confirmation page will appear reflecting the below details for Loan and or Withdrawal 16

17 Modify a Loan Request You can modify any parameters of a Loan request by editing the values on the Summary screen. Loan First Repayment Date: The Loan First Repayment Date defaults to 30 days from the date the loan was initiated and can be changed to align with the plan s payroll schedule. If you don t know the correct payroll date to enter, the Plan Sponsor also has the ability to edit this date when they are reviewing and approving the request. Loan Terms: You can also modify the Loan or Payment Amount, Interest Rate, and Repayment Terms. After changing any of these values, click on the Recalculate Loan button to update the remaining values that may be impacted by your change. For example, if you edit the Interest Rate, click on Recalculate Loan to recalculate and update the resulting new payment amount. Delivery Information: The delivery election (Check vs. ACH) can be changed, along with the address for check delivery and the option to send the check via expedited mail. If making changes to this information, please note: You cannot send Expedited mail to a P.O. Box. For a foreign address, do not modify the country. Also do not change a domestic address to a foreign address or vice versa. These changes should only be done by a participant. The ACH option only displays if the participant has had their ACH information on file at Voya for at least 7 days. The Plan Sponsor also has the ability to modify this delivery information. To cancel your changes and revert to the last saved values, click on the Reset button under the Edit This Request section. If you need to save your changes but are not ready to process or send paperwork or for participant online approval, click Save to save your changes and exit the request without processing. Once satisfied with your changes, you can proceed with processing the request, generating paperwork, or sending the request electronically to the participant for their approval. (Your changes are automatically saved when you click Submit or Send to Participant; you do not need to click the Save button unless you are saving and exiting as outlined above.) If the request is satisfactory and no paperwork or participant approval is required (see below) select Submit to release the transaction for processing or routing to the approver. Participant Approval for a Modified Request In addition to needing paperwork for residential loans and married participants in a spousal consent plan, if you modify a loan and change any of the following, the participant s approval is required. You can obtain that approval either by generating paperwork for signature or sending electronically for their online approval. Loan Type Loan or Payment Amount Interest Rate Repayment Frequency Repayment months or years See page 18 for information on obtaining participant approval for a modified request. 17

18 Modify a Withdrawal Request You can modify the following elements of a withdrawal request directly on the Withdrawal Summary screen: Termination Date: If the Withdrawal is a Termination, a Termination Date field will display. A termination date is required and will pre-fill if Voya has one on file. If the Plan Sponsor is approving requests, they also have the ability to edit this Termination Date. Withdrawal amount/percent: You can modify the amount requested if appropriate. For Hardships you can enter an amount greater than Voya s calculated available amount; the transaction will process for any amount up to the market value of the available sources at the time of processing. If you inadvertently enter an amount greater than the participant s total account balance, the transaction will process for the calculated amount available. Vested Percent: Each money source applicable to the participant will display along with balance and vesting information. You can update vesting information for any source that is not automatically 100% vested (for example: QNEC, QMAC, Safe Harbor Match). To update vesting, enter the new vested percent in the Vesting Override field(s) provided and then click the Update Vesting button. The Vested Value and Amount Available will recalculate to display the updated values. If the Plan Sponsor is approving requests, they also have the ability to edit this vesting information. Any changes in vesting are applied to that transaction only; it does not update the vesting on file at Voya. Rollover Information: If the Withdrawal includes a Rollover, the Rollover details display showing the Trustee information and mailing address for the Rollover check (which can be the Trustee s address or the participant s address). This information can be modified if needed. You can modify the amount or percent of the distribution that s a rollover. If you modify the rollover amount/percent, you can click the Recalculate Cash Distribution button under the Cash Distribution section to calculate an estimate of the cash portion of the total distribution amount. If the request does not include a rollover, the rollover details do not display. However if the distribution is eligible for rollover, you may add a rollover component by clicking on the checkbox to the left of the word ROLLOVER; this will display the rollover section allowing you to enter the rollover information. Delivery Information: The delivery information for the cash distribution (Check vs. ACH) can be updated. If making changes to that information, please note: You cannot send Expedited mail to a P.O. Box. For a foreign address, do not modify the country. Also do not change a domestic address to a foreign address or vice versa. These changes should only be done by a participant. The ACH option only displays if the participant has had their ACH information on file at Voya for at least 7 days. The Plan Sponsor also has the ability to modify this delivery information. To cancel your changes and revert to the last saved values, click on the Reset button under the Edit This Request section. If you need to save your changes but are not ready to continue, click Save to save your changes and exit the request without processing. Once satisfied with your changes, you can proceed with processing the request, generating paperwork, or sending electronically to the participant for their approval. (Your changes are automatically saved when you click Submit or Send to Participant; you do not need to click the Save button unless you are saving and exiting as outlined above.) If the request is satisfactory and no paperwork or participant approval is required (see below) select submit to release the transaction for processing or routing to the approver. Participant Approval for a Modified Request In addition to needing paperwork for Hardship withdrawals and married participants in a Spousal Consent plan, if you change any of the following, the participant s approval is required (see page 18 for more information): Withdrawal Amount or Percent Rollover Amount or Percent Trustee or Account Information If you need to modify information other than what is editable on the Summary screen, click the Edit Request button. This takes you through the Withdrawal request screens allowing you to re-enter the request. Note: the original request information does not populate on these edit screens; you will be re-entering the request in its entirety. At any time during this edit process you can click Start Over to return to the Withdrawal Summary screen of the original request. 18

19 Participant Approval for a Modified Request If paperwork was not required for the request but you modify a key element of the request (as indicated on the prior pages for modifying a loan or withdrawal), the participant s approval of that change is required. You can obtain that approval by either generating paperwork for signature or sending online for their approval. During their initiation of the request, the participant elects their preferred method for accepting updated terms either via paperwork or online and that preference is noted for you on the Summary screen. Participant s election for accepting updated terms If the participant elected Paperwork, proceed with selecting the checkbox to have paperwork generated and click Send to Participant. Paperwork will be sent and routed in the usual manner. If the participant elected Online, select the checkbox to have the request sent online to the participant. The participant s address will display and is editable if needed. Click Send to Participant to send the request to the participant for online approval. Important Notes: Even if the participant elected Online approval, if the request requires paperwork (residential loan, hardship, or married/spousal consent required), paperwork must be sent. If you already have signed paperwork that includes spousal consent for a married participant and you modify anything that impacts the amount of the request (loan amount, withdrawal amount/percent, rollover amount/percent, or withholding amounts), online approval is not allowed; you must send new paperwork so that the spouse can agree to the new terms/amount of the request. 19

20 Participant Online Reacceptance When you send a request to a participant for Online approval, the participant receives an notification and goes online to Voya s Participant web site to approve the request, and then the request routes to the sponsor: TPA edits request and sends it online for participant approval Voya sends notification to the participant Participant goes online to review and accept new terms of the request notification sent to Sponsor Sponsor approves and releases request for processing When the participant views the modified request, they will see both the original terms and the updated terms, and for loans will be presented with an updated truth-in-lending disclosure. Participant goes online to Voya s Participant web site to view and Accept the updated terms. Participant can either Accept the new terms or Cancel the request. If the participant accepts the updated terms, the request routes to the sponsor for approval in the usual manner. If the participant does not want to accept the new terms, they can cancel the request. If the request is cancelled, it does not route to the sponsor; you (the TPA) will receive an notification indicating that the request was declined. Comments are automatically posted to the Comments section of Distributions with EASE when the request is sent for online approval, and also when the participant accepts or declines the request. If no action is taken by the participant within 5 days, a reminder is sent to them and will indicate the date the transaction will expire (30 days from initiation for loans, 180 days for withdrawals). 20

21 Participant Online Reacceptance / Delegation of Authority model In the Delegation of Authority model, the workflow is slightly different since there is no sponsor approval involved. Instead of returning the request to you (the approver) for approval after the participant accepts the updated terms, you will provide your approval beforehand when electing to send the request online to the participant. Once the participant accepts the updated terms, the request will release for processing: TPA edits request and sends it online for participant approval. TPA is presented with Certification screen and approves the request. Voya sends notification to the Participant Participant goes online to review and accept new terms of the request Request is released for processing; notification sent to the TPA You will receive an notification indicating that the participant has accepted the updated terms of the request. If the participant declines the new terms and cancels the request, you will receive an notification indicating that the request was declined. Note: in the Delegation of Authority model, only individuals with the security permissions to Authorize Distributions can generate paperwork or send a request for online approval. Individuals with security permissions to Review Distributions can only review a request and route it to an authorizer for action. 21

22 Initiate a Distribution Request A TPA can initiate a distribution on behalf of a participant. Be sure to have all the necessary information on-hand: For a Loan Type of Loan Loan First Repayment Date Loan or Payment Amount Number of Repayment months or years Marital status (if plan requires spousal consent) Delivery information (Check or ACH) Paperwork delivery/reacceptance preference For a Withdrawal Withdrawal Type U.S. Citizen status Withdrawal Amount Rollover and Trustee information, if applicable Withholding election information Marital status (if plan requires spousal consent) Delivery information (Check or ACH) Paperwork delivery/reacceptance preference To initiate a distribution, from the Distributions page, click Initiate New Request. Or you can also find the Initiate New Request option in the Distributions section of your TPA Partners Site Home page or any Plan page. On the Distribution Request screen, select the desired Plan, Participant, and Distribution Type (Loan or Withdrawal), and then click Continue. Click Initiate New Request Then select the Plan, Participant, and Distribution Type from the dropdown menus. 22

23 Initiating a Loan / Step 1: On the first screen of a Loan Request select/enter: Type of loan Interest Rate Repayment Frequency First Repayment Date Loan or Payment Amount Number of Repayment Months or Years Click Next. Marital Status if the plan requires spousal consent, a marital status screen displays. Select the appropriate option, then click Next. Initiating a Loan / Step 2: Next is the Delivery Options screen where you elect to disburse the loan via Check or ACH. The participant s address of record will pre-fill and is editable if necessary. You can also elect to send the check by expedited mail. The ACH option will display only if the participant has had their ACH information on file with Voya for at least 7 days. Click Next to continue. Important Notes: You cannot send Expedited mail to a P.O. Box. For a foreign address, do not modify the country. Also do not change a domestic address to a foreign address or vice versa. These changes should only be done by a participant. 23

24 Initiating a Loan / Step 3: On the Verify Loan screen, review the request and then send it to the participant for their approval. All TPA-initiated requests require the participant s approval. For loans, you can obtain that approval by generating a form for their signature or by sending it electronically for their online acceptance. To send paperwork: Select the checkbox that says Send Distribution Forms to Participant if you would like Voya to send paperwork. When you select this checkbox, the paperwork delivery options will display (mail, fax, or web); make the desired selection and then click Send To Participant. (If selecting Fax, be sure to enter a fax number.) Voya will generate the paperwork and send it to the participant by the method you selected. When paperwork is returned, the request will route to the approver. To send for online acceptance: Select the checkbox that says Send Online Request for Approval of Updated Terms if you would like to route this request to the participant for online approval When you select this checkbox, fields will display for the participant s address; this will pre-fill if Voya has the participant s address on file. Confirm or enter the participant s address, and then click Send To Participant. The participant will receive an notification and go online to Voya s participant web site to review and accept the terms of the loan. Once the participant accepts the terms, the request will route to the approver. If the participant does not wish to accept the terms, they can cancel the request. If the request is cancelled, you will receive an notification indicating the request was declined. See page 18 for more information on the participant online approval process. 24

25 Initiating a Withdrawal / Step 1: On the Select Withdrawal Type screen, select the Withdrawal type, answer the U.S. Citizen question, and then select the checkbox indicating that the participant has received and read the Special Tax Notice. You can print a copy of this Notice from this screen by clicking on the link provided. Resident state for tax purposes can be changed for everything except Installment and Recurring RMD You can update Vesting information for this transaction if needed by entering a new Vested Percent in the field(s) provided. Click the Update Vesting button to view the updated Vested Value and Amount Available for the withdrawal type you selected. See page 17 for more information on updating vesting. When done, click Next to continue. Based on the Withdrawal type selected, the appropriate screens will follow. For example, if electing a Hardship withdrawal, a screen will display prompting you to select a Hardship reason. Make the appropriate elections and click Next. Roth If the participant has Roth money, the Select Withdrawal screen displays a Roth withdrawal type and a non- Roth withdrawal type, for example it will display a 59 ½ Withdrawal and a 59 ½ Roth Withdrawal. You can request a distribution from either type and will be prompted during the initiation process as to whether the withdrawal should include balances from both. For Terminated participants with available balances in Roth and non-roth, you ll be required to withdraw from both and must initiate by selecting the Roth Termination first. See page 28 for more information on initiating Roth transactions. Initiating a Withdrawal / Step 2: On the Enter Amount screen, enter the withdrawal amount either by percent or dollars, and then click Next. The estimated amount, net of taxes, will display. To model another amount, enter a new amount and click Estimate Net Check. When satisfied with the requested amount, click Next to continue. Note: Hardship withdrawals can only be requested by dollar amount; percent is not allowed. For terminations, this screen does not display. 25

26 Initiating a Withdrawal / Step 3: On the Rollover Election screen, select whether or not to rollover a withdrawal amount. If there is no balance available for rollover, a message on screen will indicate this. If you elect to Rollover, data-entry fields will display where you can enter the rollover amount. Enter the amount and then click Next to continue. If you elect to rollover, a Trustee information screen will appear. Select or enter the desired Trustee, Account, and delivery information, and then click Next to continue. If the Account Type chosen is Individual retirement annuity or Individual retirement account annuity you have elect the type of account. 26

27 Initiating a Withdrawal / Step 4: The Withholding Election screen summarizes the Withholding amounts and allows you to change that amount if needed. Make your desired selections and then click Next to continue. Marital Status if the plan requires spousal consent, a marital status screen displays. Select the appropriate option, then click Next. Initiating a Withdrawal / Step 5: Next is the Delivery Options screen where you elect to disburse the loan via Check or ACH. The participant s address of record will pre-fill and is editable if necessary. You can also elect to send the check by expedited mail. The ACH option will display only if the participant has had their ACH information on file with Voya for at least 7 days. Click Next to continue. Important Notes: You cannot send Expedited mail to a P.O. Box. For a foreign address, do not modify the country. Also do not change a domestic address to a foreign address or vice versa. These changes should only be done by a participant. 27

28 Initiating a Withdrawal / Step 6: On the Verify Withdrawal screen, review the request and then generate paperwork. Since all TPA-initiated withdrawals require the participant s signature and SSN certification, you must generate paperwork for these requests. The checkbox that says Send Distribution Forms to Participant. will be pre-selected. Select the desired paperwork delivery option (mail, fax, or web) and click Send To Participant. (If selecting Fax, be sure to enter a fax number.) Voya will generate the paperwork and send it to the participant by the method you selected. When paperwork is returned, the request will route to the approver. 28

29 Initiating Roth Distributions When initiating a distribution that has both Roth and non-roth money, the Verify Withdrawal screen does not display the action buttons and checkbox options. Instead you will see a message indicating that there is an additional balance available in the corresponding withdrawal type. Options are presented to elect to proceed with taking the additional balance as part of the transaction or to complete the transaction without taking that additional balance. To take the additional balance, select the Yes option. A Next button will display; click Next to continue through the withdrawal screens for that remaining balance. To continue with the withdrawal request without taking the additional balance, select the No option. The action buttons and checkbox options will display. Proceed with generating paperwork as outlined on the previous page. For Terminations, you are required to take the additional balance so the Yes/No options do not display. Click Next to continue through the withdrawal screens for that remaining balance. 29

30 Cancel Request To cancel a pending request, from the Summary screen of the request, click on Cancel Request. You will be prompted to select a reason for the cancellation. Select a reason from the drop down menu, and then click OK. The request will be cancelled and you will return to My Work Items where this cancelled request will no longer appear. When you cancel a request, there is no automatic notification to the participant or the plan sponsor that the request has been cancelled. When cancelling a request, you may want to add a Comment to provide you and/or the Plan Sponsor with additional information that may be helpful in the future if you ever need to refer back to the cancelled request. Cancelled requests are available to view using the Search feature and your comments will display on that Task Details screen. See page 32 for information on adding a comment. Exit Click Exit from the Summary screen at any time to return to My Work Items. Notifications You will receive an notification when a request requires your attention. This includes: When a request has been initiated and requires your review; and When the plan sponsor rejects a request, which returns the request back to you for revision. For plans where the sponsor has delegated approval authority to you, you will also receive the following s: When signed paperwork has been received at Voya and the request is ready for your approval. When a request has been pending for more than 10 days (for loans) or 30 days (for withdrawals). (See Wake Up Tasks below.) You will also receive informational notifications when: the participant cancels a request sent for online acceptance or reacceptance; the participant approves a request sent for online reacceptance (Delegation of Authority model only); and, the plan sponsor edits any values of a request. Since this will contain secure information, this will be encrypted. These are strictly informational s; no action is required on your part. You can control which plans you receive notifications for through the TPA Partners Site. To turn on/off notifications for any plan, go to the Profile > Alert Notification section of the site and select/de-select the corresponding checkboxes to indicate for which plans you wish to receive notifications. Any changes will become effective the following day. Wake Up Tasks When paperwork is sent to a participant, the request is created in Voya s system and suspended until the completed paperwork is returned. If paperwork is not received by Voya within 10 days (for loans) or 30 days (for withdrawals), we wake up the task and send an reminder that the request is pending. In most cases, this will be sent to the Plan Sponsor, but for Delegation of Authority plans where you are approving on the Sponsor s behalf, you will be the recipient of this notification; the request will also appear on your Distributions list. When this occurs, it s recommended that you contact the participant to determine if they intend to return completed paperwork or if the request should be cancelled. If the participant indicates that the request should be cancelled, cancel the request following the instructions above. If the participant indicates that they will be returning completed paperwork, no further action by you is required. When the paperwork is received at Voya, you will receive an notification and the request will appear on your Task List. Expired Transactions Loan requests will expire 30 days after their initiation; for Withdrawal request, the expiration is 180 days from initiation. If requests are not approved within these timeframes, they will be purged from the system and will need to be re-initiated if still desired. 30

31 Search While your Distributions list automatically displays any request that is awaiting your action, the Search feature allows you to search for requests that are in others stage of the distribution process (including completed requests). You can search by a number of variables including participant name, SSN, plan name or number, and more. Simply enter or select your search criteria and then click the Apply button to execute the search. The Search Results will display the items that match your Search criteria, providing the current status of the request. (See below for definition of these statuses). To view more information on a request, click on the participant s name. To return to your default list of requests awaiting your action, click the Reset to Default button. Note: when entering Search criteria, the value entered is treated as a string of characters; your Search results will return any requests with a match on those characters. For example, if you enter Smith for the last name, the search results will return Smith, Smithson, Wesmith, and Wesmithson. To minimize the number of results returned, enter as much of the string as possible or enter a combination of Search criteria. Do not use wildcard characters (ex: asterisk) since those would be treated as a value to look for when searching. Status/Status Type The Status and Status Type indicates where the request lies in the distribution process. Statuses are: Open: request is awaiting your action Pending: request is awaiting action from someone other than you Approved: request has been approved and released to Voya for processing Closed: request has been completed or cancelled Requests that appear on your default Distributions list are those in an Open status. However, if searching for requests you may see items in other stages of the process. Below are Status/Status Type combinations you may see: Status Status Type What it means Open TPA Review Request is awaiting TPA review Open TPA Approval Request is awaiting TPA approval (Delegation of Authority model only) Open Sponsor Rejected Request was rejected by the Sponsor and sent back to you Pending Awaiting Paperwork Request is awaiting return of paperwork from the participant Awaiting Participant Pending Acceptance Request is awaiting the participant s online acceptance Pending Sponsor Approval Request is awaiting Sponsor approval Approved In Process Request has been approved and released for processing Request is with Voya waiting for additional documentation before Approved Pending with Voya processing Closed Completed Request has been processed Closed Cancelled Request has been cancelled Closed Cancelled Due to Inactivity Request has been cancelled because no action was taken 31

32 Task Details When you click on a participant s name for a request that is in a Pending, Approved, or Completed status, you can find some additional information about the request such as delivery information, comments, and links to any documentation associated with the request. You can add a comment from this screen by clicking the Add Comment link. To return to your list of search results, click Exit Distribution Management. To add a comment, click Add Comment. See page 32 for details. 32

33 Comments The Comment feature allows you and the Plan Sponsor to enter notations or comments that may be helpful to the request. For example, if you cancel a request you can add a note regarding the reason for the cancellation. Comments are also automatically added when a request routes through the Participant Online Reacceptance process. These comments appear on the Summary and Task Details screens. All comments entered will be retained as part of the permanent administrative files and records. To add a comment: 1. Click Add Comment from the Summary or Task Details screen. The Comment window appears. The Comment Subject will default to TPA Comment to indicate the comment is being added by you. 2. Enter the text of your comment in the comment text box. 3. Click Save. 33

34 Sponsor Experience If the Sponsor is approving requests using Distributions with EASE, the request routes to the sponsor at the appropriate time, after any necessary TPA review, editing, and/or paperwork or participant approval is completed. The Sponsor experience is very similar to the TPA experience; the Sponsor receives an notification when they have a request requiring their attention. Sponsors approve these requests by going to Voya s Sponsor Website selecting Distribution Management from the Processing Center. The Sponsor has a Task List that displays the requests requiring their approval. When the Sponsor selects an item to review, they are brought to the Summary screen of the request where they can review the request, including any associated documentation and comments. Sponsor Editing Sponsors have the ability to edit the following: For Loans: Loan First Repayment Date and Delivery information For Withdrawals: Vested %, requested Hardship amount, and Delivery information For Terminations: Vested %, Date of Termination, and Delivery information. If the sponsor changes any of the above, you will receive an notification indicating what was changed. After reviewing a request, the Sponsor has the following options: Click Submit to approve the request and release it for processing. Click Cancel Request to cancel the request. The sponsor selects a cancellation reason just as you would. You will not be notified of a sponsor cancellation but can view the status and cancellation reason using the Search feature. Click Reject to reject the request. When the sponsor rejects a request, it routes back to you for revision. You ll receive an notification and the request will once again appear on your Distributions item as requiring your action. Sponsor Reviewers In addition to Sponsor Approvers, a Sponsor can also designate Sponsor Reviewers. Sponsor Reviewers do not receive notifications, nor do they have actionable items. They do, however, have the ability Search and View participant requests. When a Sponsor Reviewer clicks on Distribution Management, they re brought to a Search screen. 34