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.
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.
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.
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.
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 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.
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.
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.
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.
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.