Employees

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Employees
Employers
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If you have questions about what you’re reading, we’ve got you covered. Use our Contact Us form or call:
1-866-687-6877.

I am no longer employed. Can I take a distribution from the plan?
Generally, yes.  Your plan's requirements are specific, but we can let you know if you qualify for a distribution.
Who do I need to contact to take a loan or distribution?
You may call 1-866-687-6877 x115 to speak with the Distribution Specialist.  You may also email us at distributions@mvp401k.com.
What investments are available in my plan?
Go to www.mvp401k.com and log in as a Participant.  Unless you change it, your UserID will be your Social Security Number (without dashes).  If you became eligible prior to 1/1/17, your password is the LAST 4-DIGITS OF YOUR SOCIAL SECURITY NUMBER (until you change it); otherwise, your password is your Date of Birth in the format mmddyyyy (until you change it).  After logging in, go to Documents and Forms, and read the Enrollment Instructions provided.
What do I do if I locked myself out of my online account and I did not setup the Secret Q&A?
Email us at mvp@mvp401k.com and we will reset your password.
How do I enroll in my plan or change my deferral amount?
Go to www.mvp401k.com and log in as a Participant.  Unless you change it, your UserID will be your Social Security Number (without dashes).  If you became eligible prior to 1/1/17, your password is the LAST 4-DIGITS OF YOUR SOCIAL SECURITY NUMBER (until you change it); otherwise, your password is your Date of Birth in the format mmddyyyy (until you change it).  After logging in, go to Documents and Forms, and read the Enrollment Instructions provided.
I am still employed. Can I take a distribution from my employer’s plan?
This depends upon the plan's specific requirements.  Some plans allow "in-service" distributions.  Commonly, these are at age 59 1/2 or on account of financial hardship as defined by the IRS?
Do I qualify for a hardship distribution?
The IRS definition of a hardship is to 1) prevent eviction/foreclosure, 2) purchase primary residence, 3) pay outstanding medical bills for you or your dependent, 4) pay outstanding post-secondary education expenses for your or your dependent, 5) pay funeral expenses, 6) pay expenses due to catastrophic loss of a home.
Does my plan allow loans and, if so, do I qualify?
Some plans allow loans.  Your plan's SPD (Summary Plan Description) will let you know if loans are allowed.  Plans that do allow loans generally require that you have a vested balance of at least $2,000 to take the minimum loan amount of $1,000.  The interest rate is generally around the Prime Rate and the term cannot exceed 5 years.  The maximum amount you may borrow is 50% of your vested account balance capped at $50,000.
If I already have a loan outstanding, may I take another one?
Generally, no.  Most plans that do allow loans only allow 1 at a time.  We can inform you if you qualify for a 2nd loan.  If so, note that the IRS limits the amount of a 2nd loan more than they do the first loan.  We can let you  know what that amount is.
How do I payoff my loan?
By logging into your account, you can see your loan payoff amount.  Your Plan Administrator (employer) will have procedures to follow for paying it off.  In most cases you will provide your payoff to your employer who will remit payment to the plan on your behalf.  MVP can also tell you what your loan payoff will be.
Can you tell me what my loan payments will be?
You can login to your account and "model" a loan that will tell you what your payments will be based upon the amount you want to borrow and the term of the loan.  MVP can also model a loan for you.
Why do I have to get my form notarized?
This is added security for your benefit to prevent fraud, specifically, someone who would forge your signature.  A notary is trained and licensed to verify your identity with photo ID.  This safeguard is important to protect your account.
May I bring my distribution form or loan application to MVP’s office personally?
The best way to get us your notarized form is to either mail it, faxed it, or scan and email it to us.  This will insure that it goes through our normal process and will be more quickly handled.
If I mail, fax, or email my form, what assurances do I have that you received it?
If you provide your email address, we will email you confirmation upon receipt. Otherwise, you may simply call us and we will give you confirmation that it has been received.
How long does it take to get my money?
This depends upon how your plan's investments are handled. MVP does not custody ("have") your money. The plan's custodian will have specific requirements that vary. Generally, the process takes about 2 weeks. However, some cases may take much longer, especially if action by the plan's trustee is required. These are not the responsibility of MVP nor can we make a trustee or other plan fiduciary take action on our timeframe. We will begin the process of distributing your account balance or processing a loan within 3 business days.
Am I eligible to rollover money from my old plan or IRA into my current employer’s plan?
Generally, yes.  Your plan's requirements are specific as to who may rollover money into the plan.  Review your plan's SPD (Summary Plan Description) to learn  more.
How do I rollover money into my current employer’s plan?
If you are allowed to do so, then contact the provider where your money is held to obtain any forms they require.  You can contact your plan's Relationship Manager (the RM's name and phone number is on your quarterly statement!) and she will let you know how to make the check payable, what information to include on it, and where to send it.
CATEGORY
All Questions Advisors
Employees
Employers
Let's Talk!

If you have questions about what you’re reading, we’ve got you covered. Use our Contact Us form or call:
1-866-687-6877.