As part of the annual review of investments or on another date during the year, the advisor may propose to agree on an annual review of the plan with the plan sponsor. Discussion topics may include participation levels, carry-over percentages, participant loans, non-discrimination testing, and registrations. There are two mechanisms for processing records via file Transfer Protocol (FTP) currently used by LC and its NACO partners. These mechanisms are used to facilitate participation in the NACO component of the co-operative cataloguing program. This NACO FTP process is often referred to as NACO`s “data exchange” or “contribution/distribution” with FTP partners, often referred to as “NACO nodes”. If the figures and amounts do not reflect the expectations of the plan sponsor, as was said earlier in the overall strategy, the consultant can discuss methods of improving results. This may include automatic participant registration with automatic deceleration escalation. Modification of the matching formula to improve participation or additional or targeted participant meetings to encourage participation. Each team member has a particular role to play in the successful implementation and operation of a 401(k) plan, but the same person-entity can play multiple roles. Some roles are fiduciary and others are not.
It is generally a good idea to use written service provider agreements and all service providers must comply with the rules of ERIS§ 408 (b) (2). Successful retirement results are achieved through teamwork rather than a person trying to be everything to everyone. The consultant can also provide information on the effectiveness of previous communication efforts and propose new or improved communication strategies that could also be effective. Once the contribution files have been uploaded to the LC database, they become part of the master copy of the LC-NAF. This means that all data sets provided by NACO, as well as datasets generated by lc, can now be distributed to all recipients of the distribution. To do this, LC creates a distribution file containing all name authorization transactions for an entire day. The distribution file, normally created every day before 8:00 a.m., is retrieved by FTP by the three distribution receivers and loaded before the next morning. . . .