How does Vendor Bridge work?

Vendor Bridge provides a 180 data feed from CFA corporate directly to (k)PlanConnect via our API, Shuttle. This is utilized to update the census and provide contribution information so that we can track eligibility and deposit 401(k) contributions and matching into each participant’s account.

How is Eligibility tracked?

The Vendor Bridge link provides hire, termination, and rehired dates for all employees. We ensure that you’re kept compliant and all info is emailed directly to your employees without having to lift a finger.

What happens to terminated team members with a balance?

When a team member is terminated and has a balance the employee has two options. Option #1 would be that they can rollover their funds into their new employer’s 401(k) or a personal IRA account. Option #2 would be that they can withdraw their funds and have it be directly deposited into their bank account (taxes and early withdrawal penalties may apply). If neither option is done by the team member, they will eventually be forced out and either a check will be mailed to their address or their funds will be rolled over into their own personal IRA account.  

• Force-outs are processed annually in September

• Negative-concent emails are sent to the participant

• Force-outs are typically completed by November of that same year

What do I do with Auto-Enrollment and Deferral Change reports? 

Auto-Enrollment: After your welcome call, we will send out an email that has the initial list of everyone who is eligible for the 401(k) plan. We suggest you have a conversation with every team member on the list and ask them if they would like to participate or not. If they wish to opt-out, please have them scan the QR code provided in the Welcome Packet and complete the online form to opt-out.

Deferral Changes Report: If participants opt-out via the form, enroll for the first time, or change their contribution then you will receive a Deferral Change Email.   These requests are consolidated and distributed on non-payroll Thursdays.  For auto-enroll, you will receive your first deferral change report on the first non-payroll Thursday following the 30-day period after team members have received their eligibility email. This report provides a list of team members whose benefits need to be entered or updated in HR Payroll.  To ensure accuracy, please make sure the benefits are added promptly so that the appropriate deductions are reflected on team members’ paychecks.  If you require assistance with entering or updating benefits in HR Payroll, please do not hesitate to reach out. We are more than happy to assist you.