Processing distributions can take up to 10 business days as there are many steps involved in processing your distribution request.
Before we can liquidate your investments to fund the distribution, it may take up to three business days for us to confirm that the distribution event meets both certain Internal Revenue Service guidelines and the terms of the Plan. In addition, for the security of your account, we conduct an extensive security review to ensure that the funds are being paid to the correct participant.
Next, to fund your distribution it is required that the investments held in your account be liquidated to cash. Since the Plan investments are typically mutual funds that have a one daily settlement price, it can take up to three business days to process and settle the trades.
Once the settlement proceeds have been received by the Plan for your distribution, the Plan Administrator (your prior employer) must approve the final disbursement from the Plan to you, and this can take up to two business days.
While 10 business days is our stated processing timeline, we do our best to process these requests as quickly as possible.