Defined Benefit Payments - Annuitized

ELD Associates, LLC Retirement Plan - Account # 50732006


This is only for annuitized payments. For lump sums, see this article.


Receive election packet from Lisa Penpek

    Includes taxable vs nontaxable calculation

RPS TS

Create distribution request ticket.

    Distribution Request template (remove info from description)

    Distribution - Termination - Full

   Status - Waiting 

   Assigned Agent and Internal Agent - RPS TS (Distributions)

   Add email communication to description

       Use ELD DB Recurring Distribution canned response to be sure any special instructions are obvious

Ask a CSR to call (unless RM has already contacted)

Create folder in client file

   ELD Associates LLC, Retirement Plan> Participants> Distributions

   Client File

Save the documents from Lisa P in the client fille with 'unsigned' at the end


CSR

Participant must complete the following:

   Election Packet from Lisa P 

       Need election for payment completed

       Need beneficiary information completed (not needed for life payout, only for survivor payouts, ie beneficiaries)

           For survivor benefits, we need DOD of descendant

   Banking Update Request, if ACH is requested

   W-4P Form (L:\FORMS\DISTRIBU\DISTRIBUTION FORMS)


Signed documents should follow normal process to get to Documents Received queue.

After RPS TS Reviews ppwk, use the Assign to Trust Ops for Processing scenario automation.

Check InnoPay in 2 days

  •  Review Funds & Deductions Details 
    • BENEFIT > AMOUNT = Gross amount (taxable amount)
    • NON-TAXABLE AMOUNT = Amount given from Lisa P
    • NET AMOUNT = deposit amount for scheduled distribution (includes non-taxable amount minus FTW)