Here are the steps in our processing timeline that impact when you will receive your funds:
- Submitted: We will review your request within 2-4 business days. We will reach out to your plan sponsor (employer) if we require any additional information.
- Reviewed: Once we've reviewed and approved your request, it will be forwarded to your plan sponsor for final approval to begin processing the withdrawal.
- Approved: You will receive an email notification when your plan sponsor has approved your request. Typically, processing is completed within 10 business days of final approval.
- Trades Complete: After liquidating your account, we will send the check or wire instructions to your plans custodian for payment.
- Payment Initiated: The status will change to this once we send the check or wire instructions to your plan's custodian. Please note that there may be a delay between this status update and your receipt of the funds.
If your request remains in the Submitted status, it indicates that we are awaiting additional information from your plan sponsor.
If your request remains in the Reviewed status, it means it has not yet been approved by your plan's sponsor. You can contact them directly or request us to send them a reminder.
Your Plan Sponsor is your employer. The individual(s) acting on behalf of the plan sponsor is the Plan Administrator and is identified on your employee dashboard. You can also find this information by selecting 401(k) > Overview in the left navigation menu. This will take you to the plan overview page where the plan administrators will be listed. If you are waiting for distribution approval these are the individuals you should reach out to.
