Section 2700.315  Responsibilities of the Recordkeeper

The Recordkeeper shall:

a)          accept Plan contributions from the Department and cause those contributions to be invested among the Investment Options, as directed by the Participant;

b)         process distributions upon receipt of information from the Department that indicates that a Participant is eligible for distribution;

c)          process changes to Investment Options, as directed by the Board;

d)         process changes to investment allocations, as requested by the Participant, provided that the allocation is made to one of the available Investment Options and that the allocation reconciles with the Department's instructions, based upon the request from the Participant, for allocating the contribution;

e)          provide the production, printing and assembly of enrollment kits for distribution to eligible employees and provide enrollment representatives to assist with employee meetings;

f)          process all requests for hardship distribution due to an Unforeseeable Emergency resulting from:

1)         legal fees involving criminal charges and civil divorce charges against/for the Participant and/or the Participant's qualifying dependents;

2)         payment for the burial or funeral expenses for the parent, spouse and/or qualifying dependent of the Participant;

3)         costs associated with preventing eviction from, or foreclosure on the mortgage of, the Participant's primary residence;

4)         expenses for the repair of damage to the Participant's principal residence that would qualify for the casualty deduction under section 165 of the Code (regardless of whether the loss exceeds 10% of the Participant's adjusted gross income) beyond insurance reimbursement;

5)         unreimbursed medical expenses resulting from sudden illness or accident of the Participant or the Participant's spouse and/or qualifying dependents;

6)         involuntary loss of wages; or

7)         other extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant's control that create a financial hardship;

g)          review and forward all requests for hardship distribution for an Unforeseeable Emergency as governed by 26 CFR 1.457-6 (2008), resulting from a cause not contemplated in Section 2700.315(f) to the Hardship Committee for review and determination;

h)          prepare and mail quarterly account statements to Participants;

i)           enter data provided by the Department into its recordkeeping system for the proper operation and maintenance of the records of the Plan;

j)          provide Code section 457 compliance monitoring, monitor for compliance with laws governing the use of electronic media for providing employee benefits notices and making benefit elections and consents, and monitor distributions in the normal course, plan-to-plan transfers and rollovers to ensure compliance with the terms of the Plan;

k)         provide Participant access to daily pricing valuations through its on-line access system, as well as provide directions and/or direct links to other pricing calculators when applicable; and

l)           monitor, calculate and process required minimum distributions under section 401(a)(9) of the Code.

(Source:  Added at 33 Ill. Reg. 13451, effective September 14, 2009)