following is a description of the various forms that may be used in
the day-to-day operation of the plan.
Notice of Eligibility – As employees become
eligible for the retirement plan, this form should be given to them
for completion and kept in your files.
Catch-Up Deferral – This form is used for participants who are over the age of 50 or who will be reaching age 50 during the current plan year. The Catch-Up limit for 2010 is $5500. The participant should complete the form and return it to you.
Employee Direct Rollover – If the plan permits
the rollover of assets from other tax-qualified plans, the employee
can complete this form in order to have the assets rolled into the
plan. The form needs to be signed by the plan Trustee to indicate
acceptance of the rollover. Once the check has been received, it
should be forwarded with a copy of the form to your fund family.
Please provide PPI with copies of the check and form as well.
Designation of Beneficiary – This form is
used to change the participant’s beneficiary. The original
should be kept on file.
Spousal Consent to Designate Non-spousal Beneficiary
– This should be given to all participants who are married
and choose a beneficiary other than their spouse. It must be notarized
and returned to your for your files.
Loan Distribution Package – If your plan
allows for loans, please read the instructions in the package. These
forms, along with the Loan Procedure, should be given to a participant
who requests a loan from the plan.
Notice of Hardship Withdrawal and Application for Hardship
Withdrawal – If the plan allows for hardship withdrawals,
the Notice and application should be given to any participant applying
for a hardship withdrawal. Once the form has been completed by the
Participant and Trustee, please have the form sent to PPI. We will
then process the request and return to you the applicable fund family
forms for the payment request.
Application for In-Service Distribution –
If your plan allows for in-service distributions while an employee
is still employed, the participant would complete the application
and Spousal Consent Form, if married. The spousal consent requires
a notarization as well. Once the forms have been completed by the
Participant and Trustee, please return to PPI for processing.
Package - This package includes instructions, the Benefit
Request Notice, the Participant Distribution Election and the Special
Tax Notice Regarding Plan Payments. These forms need to be completed
in order to process a distribution from the plan. The Special Tax
Notice is required by law and MUST be provided to participants prior
to a distribution being made. After completion by the participant
and you, as plan sponsor, please return the forms to PPI. We will
then process the request and return the appropriate fund family
forms to you for the final payment to be made.