Defined Benefit Payments - Recurring
Sweetwater, ELD
This is only for recurring payments
Receive election packet from Lisa P
Includes taxable vs nontaxable calculation
Zerconia
Create ticket in Freshdesk
Distribution Request template (remove info from description)
Distribution - Termination - Full
Status - Waiting on Paperwork
Assigned Agent and Internal Agent - Zerconia
Add email communication to description
Use canned response to be sure any special instructions are obvious
Ask a CSR to call (unless RM has already contacted)
Create folder on L Drive
Call to participant (or RM reaches out) will need:
Election Packet
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
Once signed documents received, save documents in description box of ticket
Ask Lynda to save ACH info and W-4P
Change status from Waiting to Closed to kick off automation to Trust Ops Group in Freshdesk
Automation name: Scheduled/Installment DB Distributions to Trust Ops
Email goes to Cyndi, Nita, Taryn, and Kelly
Kelly is to ignore until removed from the TO group
Note will be added as a reminder to add documents to client file - leave email unread in Outlook
Save to L > Client. > Plan Name > Plan Document > Distributions
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)
For lump sum payments see Distributions Workflow - Section: