The Beneco 401(k) Enrollment Process

As a plan sponsor you have the responsibility to ensure your plan operates according to the plan document to maintain its qualified status. The enrollment process entails providing employees with information about the plan, gathering information from them, and ensuring they are entered into the plan on time.

To inform employees of their eligibility for the plan, they must be provided the following:

• Summary Plan Description (SPD), which must be provided within 30 days of hire
• Investment information
• Plan notices, as applicable to the plan

Information from employees is gathered through an enrollment form. The enrollment form will ask the employee the following:

• Contribution rate they would like to defer (if applicable)
• Investment selection for contributions
• Beneficiary for their account
• Option to receive plan disclosures electronically

Together we can work to ensure your participants start accruing benefits on time and their eligibility is properly tracked. You can provide employees with this information prior to their eligibility date being met so they have time to review, ask questions, and enter on their entry date. To ensure your employees are entered into the plan on time, you can send completed enrollment forms via email or fax to our Participant Resource Center. Failure to enter participants into the plan on time will result in the need for corrective action. The IRS website provides further details.

Beneco can provide you with a copy of an enrollment kit for your plan which satisfies the notification process. Please reach out to your Account Management team to request an enrollment kit, or if you have any questions on your plan’s eligibility and entry date. Account Management can be reached via phone at 1-877-532-3797, M-F from 7am to 5pm MST, or email clientsuccess@benecoco.txpro14.fcomet.com.

If your employees have any questions or need assistance, our bilingual Participant Resource Center is dedicated to providing them support. They can be reached at 1-888-608-2680, M-F from 7am to 5pm MST, or email prc@benecoco.txpro14.fcomet.com.