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11.
Loan and Hardship Withdrawal Compliance
11.1
Compliance Reports
. All reports in Retirement Manager are available for
download in Excel spreadsheet format for further data manipulation and, where
applicable, to allow for date range search.
11.1.1
Hardship Withdrawal Report – Employees who have taken a Hardship
Withdrawal from an Approved Vendor. The Hardship Withdrawal data is
provided by each Approved Vendor on a periodic frequency and the data
is available at the plan level across all Approved Vendors.
11.1.2
Loan Report – Employees who have taken a Loan from an Approved
Vendor. The Loan data is provided by each Approved Vendor on a
periodic frequency and the data is available at the plan level across all
Approved Vendors.
11.2
Loan and Distribution Data
11.2.1
Employee Hardship Withdrawal data is provided by each Approved
Vendor that administers plan distributions. VRSCO will refresh and
update the data reflected in the Hardship Withdrawal compliance report
upon receipt of the refresh files on a frequency as determined by the
Employer and VRSCO. This Employee data is aggregated across
Approved Vendors and reported at the plan and Employee levels.
11.2.2
Employee Loan data is provided by each Approved Vendor that
administers plan loans. VRSCO will refresh and update the data reflected
in the Loan compliance report upon receipt of the refresh files on a
frequency as determined by the Employer and VRSCO. This Employee
data is aggregated across Approved Vendors and reported at the plan and
Employee levels.
11.2.3
The Vendor distribution file must be delivered to VRSCO by each
Approved Vendor via secure FTP file transfer. Each Approved Vendor
providing loans and hardship withdrawals under the plan shall send a
distribution file electronically and in a file format agreed upon by the
Employer and VRSCO. If the data is not received in this approved file
format, the Approved Vendor will not be included in Loan and Hardship
Withdrawal Retirement Manager compliance monitoring.
11.3
Vendor Access and Communication
11.3.1
Approved Vendors are offered access to the Retirement Manager web site
as described in this section.
11.3.2
As negotiated between the Employer and Approved Vendor, account
balance update file submissions may be required of the Approved Vendor
on a periodic basis (as determined by Employer). As part of the upload
process, Retirement Manager will perform online edits to ensure the file is
in the proper format. To complete the submission of the file, the
Approved Vendor must validate the record total and the sum of YTD
contributions and account balances. Account balances are displayed as
provided.
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