Ganesh Tayde

A Process Specialist in 401(k) and 403(b) rollovers playing a crucial role in ensuring the smooth transfer of retirement funds from a previous employer's plan to an IRA or new employer's plan.

Key Responsibilities
1. Process Management: Oversee the 401(k) and 403(b) rollover process, ensuring timely and accurate completion.
2. Customer Support: Provide guidance and support to plan participants, answering questions and addressing concerns.
Documentation: Verify and process required documentation, such as rollover forms, and account information.
4. Compliance: Ensure compliance with relevant regulations, including ERISA and IRS guidelines.
5. Quality Control: Review and quality-check rollover transactions to ensure accuracy and completeness.
6. Communication: Coordinate with internal stakeholders, such as account managers and customer service teams.
7. Issue Resolution: Troubleshoot and resolve issues that arise during the rollover process.

Key Responsibilities: Subject Matter Expert -

1. Plan Administration: Oversee the administration of 401(k) plans, ensuring compliance with relevant regulations.
2. Process Improvement: Identify areas for process improvement and implement changes to increase efficiency and accuracy.
3. Training and Support: Provide training and support to internal stakeholders, including customer service teams and account managers.
4. Compliance: Ensure compliance with relevant regulations, including ERISA and IRS guidelines.
5. Issue Resolution: Troubleshoot and resolve complex issues related to 401(k) plans.
6. Plan Documentation: Review and maintain plan documentation, including plan documents and summary plan descriptions.
7. Allocation of work to team and reporting EOD report to management on daily basis.

Skills and Expertise
1. 401(k) and 403(B) Plan Knowledge: Understanding of 401(k) plans, money types, rollovers, and relevant regulations.
2. Process Management: Ability to manage and oversee complex processes.
3. Communication: Strong communication and interpersonal skills.
4. Attention to Detail: Detail-oriented, with ability to accurately process and review documentation.
5. Problem-Solving: Ability to troubleshoot and resolve issues.

Rollover Process:

Step 1: Transaction Review
- Review plan information
- Verify rollover form and check are complete and accurate

Step 2: Mailrun Timing
- Ensure transaction is processed within mailrun timeframe for trade date

Step 3: Check Verification
- Review check details: Check date, Payee name, Payable to Vanguard, Check number, Endorsement page

Step 4: Plan Information Verification
- Verify plan information matches RO form requirements

Step 5: RO Form Verification
- Review RO form details: Plan name, Client name, Address, Money type, RO form date, Signature (if required)

Tools:

• TIDE, Deck, VISTA, RUMBA, ITOC.
  

• Key Responsibilities:
  
  Asset transfer in (Money In)of 401(k) and 403(b) plans refers to the process of moving retirement assets from one plan or account to another.
  
  Working on different types of Asset Transfers like:
  1. Plan-to-Plan Transfers: Transfer of assets from one employer's plan to another employer's plan.
  2. IRA Rollovers: Transfer of assets from a 401(k) or 403(b) plan to an Individual Retirement Account (IRA).
  3. Direct Transfers: Transfer of assets directly from one plan or account to another, without the participant taking possession of the funds.
• Equal distribution of work among the team.
• Training teammates on new updates.
• Being a part of onshore training whenever required.

Process
1. Initiation: The participant initiates the transfer process by contacting the new plan or account provider.
2. Documentation: The participant completes required documentation, such as transfer forms.
3. Verification: The new plan or account provider verifies the participant's account information.
4. Transfer: The assets are transferred from the old plan or account to the new one.
5. Funds are transferred via checks or wire.

Check decisioning : The process of accepting or rejecting checks as per rules set by financial institution.

Process:

• To verify the mailrun time of check arrival so that trade date can be considered and transaction will be as per that date.
• To verify clients details on check like payable to, payee name, check date and expiry date of check. check number and endorsement page all needs to be matched with the records on data capitalization tool.
• If all the details are in good order check is accepted and transaction is completed.
• If check is not in good order we reject back to participant with a correspondence letter.

MCR (Manual check reject) :

• The process of rejecting checks back to participant whose checks were deposited my error in our side and sending the correspondence letter.

Tools:

• Rumba, OMNI