Retirement

Each retirement plan is unique and has a specific setup of rules. There are numerous factors that come into consideration including whether you are an active employee, your age, and circumstances. Contact our Client Service Center to speak with an associate who can walk you through the options available to you.

Once we receive your request in good order, our standard turnaround time is three to five business days. For checks, allow additional time for mailing from Saint Paul, Minnesota. Direct deposit requires an additional one to two business days to process. Contact our Client Service Center to speak with an associate for specific details about the status of your request.

You may not receive a tax form for your retirement account each year. If you took a taxable distribution from your retirement plan you will receive IRS Form 1099-R from Alerus. The form is available online in early February of the year following the distribution.

To download your Form 1099-R log in to My Alerus and select My Documents from the top menu. From there, select your retirement account and then 1099R.

Keep in mind that a loan from your retirement account may not be considered taxable unless you default (stop paying) on the loan or leave your employer. Contact our Client Service Center for more information.

If your form or application does not require your current or former employer’s signature or has a Medallion Signature Guarantee you may upload it directly to Alerus. If you’re unsure how to submit your form, contact our Client Service Center.

Log in to My Alerus and locate your account under Retirement, then select Plan Summary from the right side menu. Click Contact Us from the top menu to upload your form. If you need help logging in, refer to Retirement Account Access.

You can change your investments daily, if desired, but be aware that some funds have restrictions on how often they can be traded. Review short term trading fees before making changes.