Once your distribution request has been received by our team, we will review the request to determine if it is in good working order. If items such as signatures, appropriate account numbers, or a Government issued ID are missing, we will reach out to you to provide additional details.
After we have finished our review and determined that your request is in good working order, your request will be forwarded to the Plan Administrator (your prior employer) for initial approval. This approval can take between 1 - 2 business days.
Upon receipt of the approval from the Plan Administrator, we begin processing the request, and our processing time is 10 business days. After our processing is complete, a final approval request is sent to the Plan Administrator to approve the disbursement of the funds from the Plan and this can take up to two business days.
Once your request is approved by the Plan Administrator Charles Schwab Trust Company will pay out your distribution within one business day.