Retirement

Plans have customarily required participants to provide basic information at the time of enrollment, including a postal address. As the world has evolved digitally, an email address provides a more efficient point of contact than a physical address. Beginning in 2022, Alerus has complied with the DOL regulations for electronic delivery of quarterly statements. Email addresses are essential, like the requirement for a physical address.

You can send email addresses to Alerus in one of two ways:

• Contribution file. Commonly referred to as a payroll file, contribution file structure, or contribution template. This file reports employee indicative information as well as retirement plan contributions and is uploaded through Contribution Submission. Both company and personal email addresses should be included in separate columns on this file. For more information about adding columns, contact your Alerus representative.
• Standalone file. A standalone file is used by employers who manually enter participant contributions into the Alerus system. We will provide an Excel file template for the employer to populate with employee indicative data, including company and personal email addresses. The completed file is then uploaded via Employer Plan Access. Thereafter, files should be uploaded as frequently as needed to maintain current email addresses.

Retirement plans may offer participant loan programs within the parameters of the Tax Code and the plan’s loan policy. The loan policy describes loan limitations and repayment processes. Plan sponsors must ensure timely loan payments are made and report defaulted loans to the IRS as taxable distributions.

Accounts are initially rebalanced on the participant’s birthdate, then every 90 days. For more information, participants can view the plan’s Managed Accounts Investment Methodology by logging into their account at alerusrb.com. From the My Alerus home page, click on the retirement account, then select My Documents from the right, side menu. Select Plan Documents and Forms from the Document Type drop-down, then click GO.