The term "service administrator" is used loosely to mean any person or firm that handles the ongoing operations of a qualified retirement plan. A plan may have several entities engaged in different administrative roles. Or, a single organization may be used to manage the entire process. Ohio National provides full retirement plan service administration through its Retirement Plan Services unit.
While certain services are available only to full service plans, there are some available to all plans using an Ohio National group annuity contract including:
- Deposit plan contributions.
- Recorded on the date received if before 4:00 p.m. EST and all information is complete.
- Mail confirmations.
- Time standard is five business days from receipt.
- Provide quarterly and annual account statements.
- Time standard for quarterly statements is 10 days after the end of each quarter.
- Time standard for annual statements is 15 days after the end of the plan year.
- Provide loan disbursements and plan distributions after request is received in good order.
- Time standard is five to 15 business days, depending on whether or not the plan uses Ohio National service administration.
"Time standard" refers to the time frame within which the service will be performed.
