Can “revenue sharing” (expense offsets) be allocated back to participants who generated those offsets?
Yes! MVP has a methodology whereby credit can be given back to the participant who generated the offset based upon their account balance daily average for the plan quarter.
If I want my fee paid out of the plan, how does that work?
Each plan is different, but either you calculate your fee and tell us what it is so that we can allocated it against the plan's assets or we can calculate it for you. Then we request that the plan's custodian issue a check to your firm or an ACH to your firm's bank account.
Does my fee have to be paid out of the plan?
If you are an RIA or offer your services through an RIA, then the plan sponsor may pay your fee outside of the plan.
Why does the investment change process take so long?
The ERISA 404a5 Fee and Investment Disclosure (Change Notice) must be provided to participants at least 30 days in advance of when the changes are to take place. The extra 15 days or so allows MVP time to generate the notice and either delivery to the plan sponsor for delivery to the participants or for MVP to deliver to the participants directly?
How do I request changes to plan investments?
Email a list of changes, including ticker symbols, to your Relationship Manager. We will follow our standard process that takes about 45 days.
How do I know what investments are offered in the plan?
In our Financial Advisor Web under Investment Performance you will find the complete lineup of existing investments available. To see the balances in each investment go to Investment Holdings. Both of these sections allow you to "drill down" to see more detailed information.
How do I know what investments I can offer in my plans?
The plan's custodian will have a list that you can choose from. MVP can help identify any that you are interested in.
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.
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.
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.