The most common questions our business owner clients ask about how our services impact their company.
Employer FAQs
- How do I know when my employees become eligible?
-
MVP will send you a link to the Future Eligibility Report. Also, you can run this report at any time.
- What types of compensation are allowed?
-
Your plan document is very specific. Read the Adoption Agreement section on Plan Compensation and contact your MVP Relationship Manager to make sure you know what compensation is allowed. Also, make sure your payroll provider is aware of types are allowed and what is excluded.
- What are Leased Employees?
-
Leased employees are those whose employment is under your control, but you pay an agency or other entity for their services. It is possible that they could become eligible for your plan if they work for you for one year and complete at least 1,500 hours of work. If you have any such employees that you question, contact your MVP Relationship Manager to discuss this.
- How do I upload my company’s payroll information?
-
Contact MVP's Payroll Specialist at (919)465-2220 x 903 or email at payroll@mvp401k.com and they will provide you with a tutorial and help you through the process.
- What do these payroll errors mean?
-
Some of these are not critical, but some are. Contact our Payroll Specialist to make sure. (919) 465-2220 or payroll@mvp401k.com.
- How do I use a payroll credit to offset the contribution due?
-
There are many reasons why you may have a credit to use, including forfeitures, pre-funded employer contributions, and payroll corrections. Since each case is specific, contact our Payroll Specialist for your particular need. (919) 465-2220 x 903 or payroll@mvp401k.com.
- How often must our payroll contributions be made?
-
The DOL states that small plans (fewer than 100 participants) are granted a "safe harbor" period of 7 business after the pay date to get the payroll contributions into the plan. If contributions are funded after this point, the burden of proof that it is still acceptable to the DOL will be on the employer. In no event may a contribution go past the 15 business the month following the pay date. For large plan employers (greater than 100 participants there is no "safe harbor" period. Large employers should contact their plan auditor to find out what they deem a reasonable time to fund payroll contributions. Ideally, payroll contributions would be made on the actual pay date so that no issue ever arises.
- Can my payroll provider send this information to you directly?
-
This depends entirely upon the payroll provider. Some will send payroll data directly to MVP, while others refuse. We can provide you a list of payroll providers that we know will provide that data to us directly. Contact your MVP Relationship Manager to find out which providers can help.
- How do I obtain reports I need?
-
The best way is login to our Plan Sponsor Web and go to Report Center. There you will find reports that we have uploaded for you, like Deferral Change Report and Future Eligibility. You may also run your own reports like these same reports any time you wish.
- What reports are automatically run for me?
-
The most beneficial reports are the operational ones like Deferral Change, Future Eligibility, Loans Near Payoff, New Loans, and Hardship - Deferral. Quarterly reports like Summary of Accounts and Executive Summary and annual reports like Compliance Reports and annual 404a5 Fee Disclosure are necessary for your fiduciary records.
- How do I run reports for myself?
-
Go to Report Center, Reports I've Requested, Request New Report. There you will have a list of reports you can run at any time for any time period. You can also go to Report Center, Participant Activity to run more reports.
- If a report is not available that I need, how do I obtain it?
-
Contact your Relationship Manager and asked them what you need and why. Often one of our existing reports can accomplish what you need. Remember that the "My Plans" and "Participants" sections of our Plan Sponsor Web have information that can be downloaded into a usable report. Your RM can help guide you through this.
- Can MVP deliver any required information to our employees directly?
-
Yes! MVP offers a delivery service for all required plan notices and disclosures. Contact your MVP Relationship Manager to learn more.
- What do I do if I lost my signing credentials?
-
Go to https://www.efast.dol.gov/portal/app/login?execution=e1s1 and log onto the Government website. Your 5500 signing credentials are stored in the User Profile.
- Can I have someone else sign for me or can I sign for someone else?
-
We recommend that you only sign if the DOL passcode is specific to you. Using this code is legally no different than signing your name with a pen. If you would not allow someone to sign your name with a pen, then do not allow them to electronic communicate your signature to the DOL and IRS.
- Why do I have to use an electronic passcode to “sign”?
-
The IRS Form 5500 is "open to public inspection". The DOL wanted to make these forms available immediately upon signing. To accomplish this, they made use of a passcode to speed-up the process so that the form could be received, verified, and posted to their public website within days. Do note that just because they have posted the Form 5500, does not mean that the plan is not subject to audit or investigation or even that the Form is approved.
