192 / 499
12.10
Requests for new Certificates will undergo the following data checks using a two-
file look back (e.g., for a Certificate requested in July, Retirement Manager will
validate information from both May and June Approved Vendor transmissions):
12.10.1
Retirement Manager will look for Certificates that expired on the last
day of one of the previous two months (e.g., for a Certificate requested
in July, it will check for Certificates with expiration dates of either May
31 or June 30)
12.10.2
If no expired certificates found, Retirement Manager will use loan and
hardship distribution data on file in validation/calculation process.
12.10.3
If one or more expired Certificates is found, Retirement Manager will
verify if a like transaction (e.g., loan Certificate/loan transaction) was
reported for that participant from each Approved Vendor.
12.10.3.1
If Approved Vendor shows transaction, Retirement Manager
will use data on file.
12.10.3.2
If Approved Vendor shows no transaction, Retirement
Manager will use data on file for validation/calculation
process, but print message on Certificate that states:
“Participant has outstanding X transaction with Approved
Vendor A that may have been processed after the last
reporting period.”
12.10.3.3
If multiple Certificates exist and equal number of like
transactions by Approved Vendor exist, Retirement Manager
will use data on file.
12.10.3.4
If multiple transactions exist and some, but not all,
transactions by Approved Vendor exist, Retirement Manager
will use data on file and report all pending and completed
transactions for that Approved Vendor on the Certificate.
12.11
Retirement Manager will always use data on file for plan-level
calculations/validations
.
12.12
Because a Distribution Eligibility Certificate will be based upon information
provided to VRSCO by Employer, one or more providers including Approved
Vendor, and/or a participant, and because an Approved Vendor investment
product may have restrictions in addition to applicable plan restrictions, nothing
in such a Certificate should be interpreted or applied to override more restrictive
provisions in Approved Vendor’s investment product(s) or to authorize or direct
Approved Vendor to disregard relevant information otherwise available to
Approved Vendor that might adversely affect the participant’s eligibility for the
requested distribution or loan.
12.13
Except as otherwise provided in this paragraph, Approved Vendor shall be
responsible for obtaining and maintaining supporting qualification documentation
for a safe harbor hardship distribution, unforeseeable emergency distribution or
loan for a principal residence, including but not limited to invoices, bills or other
documentation for the requested safe harbor hardship or unforeseeable emergency
39