187 / 499
yet made to the Retirement Plan including negative adjustments must be
submitted through the common remitter service.
10.2.2
If corrections have previously been refunded by the Approved Vendor, the
Employer must update and adjust the contribution history in Retirement
Manager, including, but not limited to, the inception-to-date data, for such
participants.
10.3
Employer Requirements
10.3.1
Employer acknowledges and directs VRSCO to default to the basic limits
and assumptions as described in Retirement Manager Limits Monitoring,
unless the Employer provides VRSCO data through Retirement Manager
as described in Retirement Manager Limits Monitoring
.
10.3.2
Employer directs VRSCO to stop a contribution from being made to the
Retirement Plan on behalf of a Participating Employee and inform
Employer if such contribution will cause a Participating Employee to
exceed one of the monitored IRC Contribution Limits, as such limits are
determined based solely upon data provided by the Employer for
Participating Employees with all Vendors including any VRSCO Affiliate.
The Employer must accept the contribution change file and make any
necessary changes in its payroll system, unless the Employer elects to
disregard a stop or reduce change as described above.
10.3.3
If Employer does not make any changes in its contribution file or
remittance and an excess contribution would result, VRSCO will not
process such excess contributions until VRSCO has notified the Employer
of the excess. The Employer must instruct VRSCO to either (1) return the
funds to the Employer or (2) process the contribution and adjust the
Participating Employee’s history in Retirement Manager. If no
instructions are received from Employer within one business day of
receipt of the unchanged contribution file or remittance, VRSCO will
return the Employee record to the Employer and return the applicable
funds to the Employer the next business day.
10.3.4
If an Employer overrides RMLM and a contribution in excess of
applicable IRC Contribution Limits posts to a Participating Employee’s
account, then Employer will work with the Approved Vendors to correct
such excess contributions by distribution to the Employer or to the
Participating Employee to the extent permitted under the Code; Treasury
Regulations or other regulatory guidance, including if necessary and
appropriate any Internal Revenue Service self-correction programs.
10.3.5
Employer will initiate employee communications prior to the inception of
RMLM informing employees of the new service, how it operates and
when the service will be initiated. VRSCO will provide Employer
information regarding RMLM, and Employer will include such
information provided by VRSCO in its employee communications.
10.3.6
Prior to the implementation of RMLM, Employer will inform Approved
Vendors of the new RMLM procedures adopted by Employer.
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