COAR - Workflows - All Documents (sharepoint.com)
Current responsibilities
RPS TS owner: Jamari (Taylor back up)
Daily Ops owner: Rebecca (Michael R balance forward)
IRA to QRP Review: Michael G.
Checks we’re unable to deposit as is – Loan Payoff
Loan - End of Loan Overpayment Best Practices from Daily Ops.docx
IRA to QRP Rollover Certifications are reviewed by Sam Williams. Please see guidance to review the form here: Rules And Conditions Applicable To Rollovers - IRA to QRP Form Review
Deposit Request tickets
These tickets are generated because someone on the client service team is trying to notify us of incoming funds via wire or check. When received, first assign the ticket to the correct retirement plan. Then, check the tickets under the retirement plan. Look for a ticket with the subject $$ received. Match the $ with the $$ received ticket or use the copy saved in the SharePoint link.
If we haven't received the check yet, change the status to waiting.
Once received, add a note to the deposit request ticket, link the $$ received ticket (copy/paste the URL address bar), and write "funds received. closing ticket." Close the Freshdesk ticket.
Additional Information
When we receive a check for a plan participant that needs to be pulled because the participant is still active, please review the check. Often, the plan participant recently sent us a request to rollover to a new institution. If the new institution was unable to accept the funds, they will send the funds back with the reason why they can't accept.
From there, we need to call the plan participant, advise of the note on the check and mail the check back to the plan participant in order for them to handle the account. If the information needed is something we can provide, provide the participant with the information. We need to contact the participant and send a letter along with the check. The letter, the check copy, and each attempt to contact should be saved in the Freshdesk ticket.
After attempting to contact the participant for about 2 weeks, close the ticket.
We cannot reissue a check that is not ours.
We should not be holding onto rollover checks for extended periods.
If we receive a check and you're unsure how to act on the check, please contact Zerconia.
Using notes for incoming check processing
As of Friday, September 22, 2023 12:52 PM
Starting today, you now have a way to hold incoming checks using the notes section. We are implementing this to prevent us from depositing checks that are not for us. This is definitely a work in progress, so let me know of any questions.
A few examples of checks we should not deposit:
- A rollover check from a Roth IRA made payable to a qualified plan,
- A rollover check for a client/participant that is not a TTC client or found in any of our retirement plans,
- A check representing the sale of an asset that we do not own.
What we’re asking you to do:
- By 3:30PM EST, have verified all checks you’ve claimed are ok for deposit.
- For those we cannot verify by 3:30PM – for any number of valid reasons – please update the notes to reflect hold.
- At 3:30PM EST, Trust Ops will pull all checks and review the scanned check folder for any holds.
- All checks without a hold will be deposited that day – which isn’t really any different than what we’ve been doing.
- Once you’re sure we can deposit the check, remove the note and Trust Ops will deposit on that day.
You can add notes in one of two ways.
One, select the check in question and click on the highlighted icon to the right.
The Document Library will open, and you can add the note then.
The other way is by opening Edit in grid view. From there, you can add notes directly to each item without opening each one.
