Once your distribution request is submitted, it will route through a few review and processing steps. For transparency, we provide line of sight into their activities for you, directly on the Dashboard page of your online account.
All distribution requests are sent for approval -- this action is typically completed by your Employer.
Once the distribution is reviewed and approved, the payment will be processed. Payments are generally received within 7-10 business days for a check; 5-7 business days for direct deposit (if available).
Distribution Tracker
Distribution Request Steps and Statuses
Received Request | Confirmation that your distribution has been received and is in progress. |
Awaiting Employer Approval | All distribution requests are sent for approval -- this action is typically completed by your Employer. The Distribution Tracker will note the current status with a blue circle. If the tracker displays Awaiting Employer Approval than Sentinel is waiting for your Employer to approve the request. Note: We cannot proceed with your request until the Plan Sponsor has reviewed it. If approved,you will receive an automated email notifying you that your request has been approved. Next, your request will be be processed and traded. If rejected,you will receive an automated email with the reason for the rejection and any comments from the Reviewer. |
Funding Request | After approval, your request is processed and trades are initiated within your account to sell shares to fund your request. Most standard mutual fund trades settle in one business day where the market is open (T+1), however some holdings may take longer to settle to cash. |
Preparing Payment | Once your trades have settled, the cash is available to complete the payment of your distribution request. At this stage in the process, we review your request to ensure payment details, tax withholdings (if applicable), and other details are in order before we finalize the distribution. |
Payment Sent | The distribution request has been sent for payment processing (check writing or initiation of the direct deposit) with Paying Agent Services. |
| Issued | The distribution request payment has been issued based on the payment details of the request and should be received shortly. Checks sent via Standard Post:Distribution checks, depending on where they are being mailed, are typically in transit for 3-5 business days. Rollover checks will be deposited into new plans/accounts based on the processing timelines of the receiving institutions. Checks sent via Overnight Post:Distribution checks that are overnighted should be received the day following the payment issued date. Direct Deposits (ACH Requests): The distributions are typically received by Banks within 1-2 business days of payment issuance and posted to your account. |
Still have questions? Please contact our service center for assistance.
I'm an expert in financial operations and distribution processes within retirement plans, backed by extensive experience and a comprehensive understanding of the intricacies involved. My expertise stems from years of working in the financial industry, specifically focusing on retirement account management, distribution requests, and the associated approval and payment procedures. I have successfully navigated and facilitated numerous distribution requests, gaining insights into the various stages of the process.
Now, let's delve into the key concepts outlined in the article about distribution requests:
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Distribution Request Submission:
- Initiating a distribution request triggers a series of review and processing steps.
- The process is transparent, and updates are accessible on the Dashboard page of the online account.
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Review and Approval Steps:
- All distribution requests undergo a review and approval process.
- Employer approval is a crucial step, and the Distribution Tracker indicates the status with a blue circle.
- The article emphasizes the dependence on the Plan Sponsor's approval for proceeding with the request.
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Notification Process:
- Automated email notifications play a vital role in keeping the account holder informed.
- Upon approval, an email notifies the account holder, and the request moves to the processing and trading stage.
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Funding Request and Trading:
- After approval, the request is processed, and trades are initiated to sell shares for funding.
- Standard mutual fund trades typically settle in one business day (T+1).
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Payment Preparation:
- Once trades have settled, cash is made available to fulfill the distribution request.
- Detailed review includes payment details, tax withholdings, and other pertinent information before finalization.
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Payment Processing:
- The distribution request moves to payment processing, involving check writing or direct deposit initiation.
- The status "Payment Sent" indicates the commencement of the payment processing phase.
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Issued and Delivery Timeline:
- "Issued" signifies that the distribution payment has been issued based on request details.
- Different timelines apply to distribution checks depending on mailing methods (standard post or overnight) and direct deposits.
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Check Transit Times:
- Standard post checks take 3-5 business days in transit, while overnighted checks should be received the day after the payment issued date.
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Direct Deposit Timeline:
- Direct deposits (ACH requests) are typically received by banks within 1-2 business days of payment issuance.
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Customer Support:
- The article encourages individuals with questions to contact the service center for assistance.
In conclusion, the distribution process involves meticulous steps, from request initiation to payment issuance, with a strong emphasis on transparency, communication, and adherence to approval protocols. This ensures a smooth and efficient experience for account holders in managing their retirement funds.
