Where Can Plan Sponsors Seek Support?

Support information for plan sponsors can be found here.

How Does Billing Vary Between Flex and Recordkeeping Only?

Flex pairs our modern, digital recordkeeping with the high touch service that TPAs like you provide–all with the ease of a streamlined client experience. With Recordkeeping only, sponsors have the opportunity to use our technology and recordkeeping services, while also bringing in an outside TPA for administrative services.

The main difference in billing between Flex and Recordkeeping only is that the base sponsor and per participant fees we collect from a sponsor are sent to Flex partners based on their revenue share. For Recordkeeping only, we do not facilitate any of their fees.

Note: The only exceptions for either product are QDROs, death benefits, corrections, and RMDs that you may calculate and flag to us. 

How Do I Address Year-End Testing Failures or Corrections?

Qualified retirement plans are designed to provide equitable benefits to employees, and the IRS requires annual compliance testing to ensure these plans do not favor highly compensated employees. As a TPA, you play a key role in performing these year-end tests to confirm the plan remains in compliance and operates as intended. To address any ADP, ACP, Top Heavy, 402(g), 415(c), and True-up contributions corrections, you may contact tpasupport@vestwell.com.

How Do You Handle Forceouts?

Forceouts can be automated quarterly for plans with no automatic rollover minimum (i.e., no cashouts). You must provide that information to us during onboarding.

For plans with a rollover minimum, we can only accommodate annual forceouts as requested.

We handle notices to participants and facilitate transactions, and rollovers go to our default IRA provider, IRAlogix.

What Are My Responsibilities for Plan Terminations?

For plan terminations, the plan sponsor must complete an offboarding form that will then be routed to us directly. We will contact you, the TPA, to collect the plan termination amendment. Once that is provided, the plan status on the platform will show that termination has been requested, and ongoing payroll cycles and distributions will be disallowed. We will send an initial notice of termination to participants.

Once you provide confirmation that all required testing and contributions have been completed, the plan status will update to reflect that it has been terminated. This will move participants to 100% vested status and allow for distributions to be taken. We will send a final notice of termination to participants.

For a deconversion, you can contact us directly at tpasupport@vestwell.com.

How Do You Handle Amendments?

We need to be notified of plan changes and amendments as they occur. To notify us of the changes, please use this link, amendment submissions, to specify the changes and submit the signed amendment. We will then use this information to update the recordkeeping system.