Starting with your 2nd Quarter 2008 Billing, the Participant Fees and Administrative Fees will no longer be deposited into your company's individual Cardinal Bank Trust Account. These fees as detailed on your quarterly Contribution Billing Form will now be deposited into a specific NADART fee account (Trust Account Number: 1012999999) established with Cardinal Bank for this purpose. Contributions (employee and employer) will continue to be deposited to your individual Trust Account.
This change is a result of the U.S. Department of Labor’s (DOL) ruling that payments for retirement plan fees should not be commingled in the same account with employee and employer contributions. In order to reflect this DOL directive, NADART has instituted changes to the deposit and billing processes as described below and in a notice (pdf) that was recently mailed to Plan Coordinators. Plan Coordinators must begin using the new process for fee submission immediately, as not doing so may result in posting delays of your contributions and/or payments.
Affected Processes
Quarterly Contribution Billing Form
The quarterly bills will now include two new sections, the Plan Billing Summary and the NADART Quarterly Billing Deposit Ticket. The Plan Billing Summary separates the contribution and fee amounts so that the fees can easily be identified for purposes of payment. The NADART Quarterly Billing Deposit Ticket is included for those who do not currently submit their payments via SafeLink or wire/ACH (pdf). If you submit your deposit via check, you need only send one check and one new deposit ticket for both the contribution and fee amounts.
Both the contribution and fee amounts can be paid at the same time using SafeLink by placing the correct amount(s), as noted on your quarterly bill, in the boxes provided on the ACH Fund Transfer/Transfer Fund page. If both contributions and fees are paid, two separate ACH requests will be created.
If you currently submit your payments through a self-initiated wire/ACH, two separate transactions will now be required (one for the contribution amount(s) owed and one for the fees).
The general NADART Deposit Ticket (pdf) has been updated to reflect a new section for indicating the fee amount (F: Fees for Participants/Employers) with its corresponding account number.