Withdrawal Statements
Use the Withdrawal Statements option to generate individual participant statements summarizing distribution transactions from participant accounts.
How to Access the Withdrawal Statements Report
On the Reports menu, point to Distribution Reports, and then click Withdrawal Statements.
How to Create a Withdrawal Statement
1. Select the Plan for which you are generating the report.
2. Select the participant by typing the Participant ID or select a participant from the Participant Search list.
Or
Select the All Participants check box to create withdrawal statements for all plan participants.
3. Enter the date range for the transactions you want to include in the withdrawal statements.
4. Select any one or all of the following transaction types:
Loans. This report will reflect the principal loan amount was well as the payment amount and number of payment required per year. A summary of the loan distribution by fund is also provided.
Withdrawals. This report will reflect the gross amount of the withdrawal, tax withheld if any and the net amount of the transaction. It will include information pertaining to additional plan features such as after-tax funds and/or fees charged for the transaction. A summary of the distribution by fund is also provided.
Terminations. Cash distributions will reflect transaction detail by fund, as well as the appropriate tax code and amount(s) withheld. Rollover transactions will contain the payee information as entered on the Transactions > Distributions > Terminations screen.
Refunds. This report will reflect a Participant’s refunded contributions. The refund is typically made if a participant made more of a contribution than what is allowed by the IRS rules.
Installments. (Not Currently Used) This report will reflect the Installment ID, gross amount of the installment, tax withheld if any and the net amount of the transaction. It will include information pertaining to additional plan features such as after-tax funds and/or fees charged for the transaction. A summary of the distribution by fund is also provided.
Note: All statements will provide participant demographic information such as SSN, address, date of birth, etc.
5. When you are done, click Process to generate the report.
Explanation of Fields:
|
Field |
Description and Requirements |
Required / Optional |
|
Date Range |
Enter the date range to be used in gathering transactions for the statements. Use the mm/dd/yyy format or use the calendar. |
Required |
|
Loans |
Select this check box to generate statements for loan transactions. |
Optional |
|
Withdrawals |
Select this check box to generate statements for withdrawal transactions. |
Optional |
|
Terminations |
Select this check box to generate statements for termination transactions. |
Optional |
|
Refunds |
Select this check box to generate statements for refund transactions. |
Optional |
|
Installments |
(Not Currently Used) Select this check box to generate statements for installment transactions. |
Optional |