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7.2.5
For Approved Vendors that have access to Retirement Manager, e-mail
notification is sent and adjustments are reported online.
7.2.6
The Employer is responsible for ensuring delivery of refund instructions to
Approved Vendors.
7.2.7
An online report assists the Employer in tracking the receipt of negative
adjustments from the Approved Vendors. This report includes only
negative adjustments entered through the online corrections facility.
7.3
Transmission and Forwarding of Funds
7.3.1
VRSCO will contact the Employer if any exceptions are found in the
processing of a remittance file.
7.3.2
Transmission of Funds.
7.3.2.1 Employer shall in conjunction with the transmission of a valid
remittance file transmit funds payable to VRSCO. These funds
represent salary reductions/deductions of Employees for employee
and Employer contributions to the Retirement Plans, all of which
will be forwarded to Approved Vendors as approved by the
Employer for investment.
7.3.2.2 The Employer shall remit the sum of all current positive salary
reductions/deductions. If the Employer uses the Net Negative
Common Remitter process, then positive contributions and
negative adjustments will be submitted in one Common Remitter
file and the Employer will remit the net balance of those
contributions as adjusted to be forwarded by VRSCO to Approved
Vendors. VRSCO is not responsible for any delay by or refusal of
an Approved Vendor to process a remittance sent to an Approved
Vendor net of negative adjustments.
7.3.2.3 Funds will be remitted via wire to a bank account as instructed by
VRSCO and containing all required wire text.
7.3.2.4 The amount of the funds must balance exactly to the amount of the
remittance file submitted.
7.4
Forwarding of Funds
. VRSCO shall cause funds to be forwarded pursuant to
the Employer’s instructions, described above, to the designated Approved
Vendors as follows:
7.4.1
By electronic funds transfers, by the Federal Wire deadline of 3:00 p.m.
CT the same business day, provided that VRSCO receives in good order
complete and reconciled instructions and collected funds by 10:00 a.m.
CT.
7.4.2
Good order instructions and funds received after 10 a.m. CT will be
processed by VRSCO no later than the following business day.
7.4.3
Good Order Processing: If a remittance is not received in good order,
VRSCO shall notify the Employer the same business day if received by
10:00 a.m. CT. For remittances received later, notification will occur by
the close of business the following business day. Employer shall promptly
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