Frequently Asked Questions
General
In 2022, Ascensus and Newport became part of a unified organization under Ascensus. Since then, we've been engaged in a thoughtful, measured, and collaborative approach that builds upon our collective strengths to deliver the best of the best our unified organization has to offer.
Our unique approach means the award-winning Newport web experience* you and your participants value today will serve as the digital framework moving forward, even after your plan has fully migrated to the Ascensus recordkeeping services platform in 2024.
*DALBAR Review. Q4 2021.
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States.1 Our independence enables financial advisors and employers to build plans their way—choosing investments and services that support participants’ retirement readiness. Ascensus is well-positioned to bring a world-class experience to you and your participants.
We believe everyone deserves to feel financially secure. That's why Ascensus is helping more people save for a better future. With more than 40 years’ experience, Ascensus is a market-leading enabler of tax-advantaged savings, trusted by more than 14 million people (and counting).
We have over $808 billion in savings assets under administration. We serve more than 153,700 retirement plans and our 5,500+ associates are passionate about helping clients achieve their goals.2
Newport’s and Ascensus’ shared values and shared commitment to client experience, accountability, collaboration, quality, and integrity formed the foundation of our unification strategy and vision.
You can learn more about us at ascensus.com.
1Cerulli Associates. The Cerulli Report: U.S. Retirement Markets 2022. December 2023.
2As of March 31, 2024.
In 2013, Bell Bank teamed with Newport to expand and enhance the retirement services program. Also in 2022, Ascensus and Newport became one company under Ascensus, a premier tax-advantaged savings program provider.
Plan Migration
Yes, your plan will be migrated to the Ascensus recordkeeping services platform. But with our focus on maintaining the best of the best from each of our organizations, you'll continue to have access to key features of your Newport experience.
You can expect a smooth journey with minimal action required from you or your participants.
- You do not need to change plan documents.
- We will migrate data over a weekend, reducing time out of market.
- Login credentials will remain the same.
- Participants do not need to re-register in the plan.
Your plan is scheduled to migrate over the weekend of November 15, 2024.
Yes. There will be a brief quiet period limited time, known as a "blackout period, "when some activities will be suspended, allowing for your plan’s secure migration to Ascensus recordkeeping platform. Specific dates and cut-off times for processing transactions will be shared well ahead of migration.
November 11, 2024
- Last day for participants to request an online distribution or loan
November 12, 2024
- Last day for plan sponsors to approve online distribution or loan requests (if applicable)
- Last day to submit and fund a payroll for a payroll date on or before November 12, 2024. If funding via ACH pull, files must be received by 1:30 p.m. ET. Payrolls with a payroll date after November 12, 2024, should not be entered until after the migration is complete the week of November 18.
We anticipate trading activity and account updates to resume and the blackout period to end during the week of November 18, 2024. You'll be notified when your plan's migration is complete, and your plan website will be re-launched.
Bell Bank will continue to serve as custodian and/or trustee of your plan.
Continuity and Enhancements
Ascensus is committed to providing as much continuity as possible in your service model and maintaining the same high level of responsiveness and support you expect.
In line with our unique, phased approach to unification, we expect that the service model—like all aspects of our business—will continue to evolve over time. However, our primary goal is to continue to deliver the highest quality service to you and your participants, so any change that may take place in the future will be determined with your needs in mind and communicated in advance.
While the unified organization will be branded Ascensus, you will continue to see Newport in some parts of your experience following the move.
Yes. Fees as outlined in your current schedule will remain the same through the transition.
Yes. Your login credentials will remain the same and your current web experience will continue to serve as the digital framework moving forward, with ongoing enhancements over time.
Yes. As we bring forward the best of each organization, some reports will remain the same, others will be enhanced, and new options will be added including a new, customizable, on-demand Plan Health Report. Your Quarterly Valuation reporting will be generated as multiple reports instead of one package, with some posted to the plan dashboard reporting section and others through the Plan Administration reporting section. This Reporting Overview Guide makes it easy to find the reports you need. HRIS reporting schedules will be maintained. Other scheduled reports will need to be re- established. Ad-hoc reporting functionality is being sunset. Moving forward, we will continue to review reporting needs and move towards a more unified reporting experience.
Customization of notifications will no longer be available and the number of plan contacts per notification will change based on role. One plan administration contact will receive all notifications. Multiple payroll contacts can receive automated funding requests (including multiple contacts by affiliate or site).
Yes. Your financial advisor has been notified that your retirement plan will be moved in November and we will continue to keep them—and you— informed along the way. We fully understand the value of working with the financial advisor of your choice on all aspects of your company’s retirement plan, and we are committed to keeping an open line of communication with both you and your financial advisor.
Your current investment options will be automatically mapped to the Ascensus platform. If you'd like to make changes, you can work with your financial advisor to do so now. There is no need to wait until transition is complete to update your investment options.
Beginning in December 2024, for company-initiated debit, the following changes will occur for COUNTRY invoices paid via automatic clearing house (ACH) debit from your bank account:
- Important: We want to ensure that your ACH payments are processed without rejection. If applicable, please update your bank account's filter to allow transactions from JPMorgan Chase – ACH COMPANY ID 9186770001 between 11/15/2024 and 12/1/2024.
- Invoices will display the total amount due for the related billing period and will indicate, "DO NOT PAY – Retain invoice for your records only." The ACH payment will no longer be displayed as a credit on the invoice.
- The ACH will be noted as "Ascensus Trust Company" on your bank statement.
- We will continue to use the banking information currently on file for your plan.
We will provide participant-focused resources as we get closer to the move. We are committed to making it easy for you to share what’s happening with your employees and answer any questions they may have.
Yes, participants will continue to access their accounts the same way they do today at countrybusinessretirement.com/login/participant. Participants can also call the participant service center using the same phone number they do today, 855-805-2971, with any questions about their account.
Available after the move, the READYSAVE mobile app offers a simple, streamlined, and supportive experience that is driven by data and backed by behavioral science to help participants make more informed decisions throughout their journey to retirement readiness. Participants will receive more information about downloading and using the app as soon as transition is complete.
Yes. All transactions on the current platform will be securely carried over to the Ascensus recordkeeping platform. Statements from prior periods will continue to be available on the employee website.
When requests can be made online, it is recommended participants leverage this web-based functionality for streamlined processing and expedited delivery options. Participants can also request distributions via a suite of Ascensus transaction forms available on the plan website. Distribution forms are classified by plan type and triggering event, and there is a section to include rollover instructions for Roth funds. Newport forms will be accepted for 60 days after the transition.
As a result of SECURE 2.0 legislation, hardship requests can be self-certified via form or online. If your plan allows for hardship distributions, participants may now self-certify that their financial need qualifies as a hardship under the plan, and they will retain the supporting documentation to substantiate the reason for the hardship.
After the move, all plan sponsors whose plans offer loans and their participants will be able to request a loan directly online. Loans initiated online will be displayed under pending transactions on the plan website for your review and/or approval. If participants prefer to request a loan with a form, they can model the loan online and print the form for plan sponsor approval. This approach improves accuracy and helps ensure smooth processing. If a participant does not have online access to their retirement account, they can reach out to Participant Services for assistance.
After the transition, terminated participants may change their address by calling Participant Services. Participants may also change their address at the time of a distribution by submitting the snap-on Contact Change form with the Separation from Service distribution form. Note: There is a 14-day hold on distributions that are submitted with address changes.
Participants can designate beneficiaries using the Online Beneficiary Designation function on the employee website. As beneficiary data may become outdated, Ascensus is taking this opportunity to help participants ensure their information is accurate and up to date. Participants will be prompted to review and update their online beneficiary elections after the transition.
Participants must re-establish their automatic rebalance elections (if applicable). Otherwise, the auto-rebalance will not continue post-transition. Participants with an email address on file will be reminded of any needed action, if applicable.
Your plan currently has the option for participants to set up an automatic deferral (savings rate) increase at a preset frequency. The new platform also has the option for automatic increases, which are standardized on the first day of each calendar year, to an annual increase of 1 percent, with a maximum rate of 10 percent.
If participants want to continue using an auto-increase election, they will need to set up an automatic deferral with the standardized option on the employee website after the plan goes live the week of November 18. Participants with an email address on file will be reminded of any needed action, if applicable.
Where applicable, participants will also be prompted to re-establish and update their investment election.
Payroll Contribution Funding
After the transition, you can continue to submit payroll contributions as you do today—whether through a vendor, file upload via the plan website, or manual contributions. Your experience may be slightly different, but we’re taking great care to keep the process simple and streamlined—including mapping over your payroll file format, funding methods, and payroll contacts as part of the transition.
Yes. Your payroll integration will remain in place after your plan has moved.
Ascensus offers a wide array of payroll integrations with external vendors, with both 180 and 360 options. See a complete list here.
For manual and file upload, forfeiture and suspense account funding is available to offset payroll processing. The forfeiture and/or suspense amount can be entered in the forfeiture and/or suspense account box on the funding screen. The website will tell you how much you can use. The amount entered should not exceed the employer contribution totals in your payroll file. Contributions will be invested when the file is in good order and all funding is received, including the sale of forfeiture funds, when applicable. For vendor files, contact your client service team to assist in offsetting future employer contributions with forfeiture and suspense account dollars.
After the transition, the new Plan Administration portal on your dashboard will include two options to review management accounts: Search for “ZZ forfeiture” or “ZZ suspense” as last name for an individual management account in the Employee Search tool. Go to the Reports menu and run the Forfeiture and Suspense report. Manual and file upload: Available forfeiture and suspense funds will be displayed on the website when submitting your payroll. Contributions will be invested when all funding is received, including the sale of forfeiture funds, when applicable.
Plans with multiple affiliates (or ‘sites’) must include Affiliate IDs on each payroll file. Check your format to make sure your file has Affiliate IDs in the file for smooth processing and ongoing reporting. Missing Affiliate IDs may result in incorrect reporting by affiliate for the plan and may delay the processing of the file.
Payrolls with varying frequencies or payroll dates must be submitted as a separate file per frequency or payroll date. If you have multiple frequencies, it is recommended that unique payroll files be set up before the transition to help ensure the first payroll goes smoothly.
Existing affiliates or sites will be mapped over automatically.
Note: You can still fund payrolls from multiple bank accounts, but a single bank account will be assigned to each payroll site (or affiliate). The plan's contribution funding account can be updated on your plan website. From the Dashboard > Plan Administration > Contributions Under Quick Links, click Update Bank.
Yes. After the move is complete, the deadline for same-day trading of payroll contributions received in good order and submitted by ACH will change from 1:30 p.m. ET to 1:00 p.m. ET. Payroll contributions submitted after the deadline will trade on the following business day.
If you enter payroll directly, you may have some real-time errors and warnings. Upon submission by you or your payroll provider, payroll will be reviewed and resolved by Ascensus, including outreach from Operations (which will be sent from a service representative) when additional information is needed. We will invest the payrolls once they are in good order. If you use a payroll provider, you will no longer receive notification to review errors and fund the payroll.
Yes. All data must be in good order prior to processing the file.
An automated funding request (AFR) report will be generated and sent via email for every payroll file processed. The AFR will be delivered to all payroll contacts. Contact your client service representative to update report recipients or if a copy of the report is needed.
Will I still receive late payroll notifications?
For plans using the payroll calendar tracking feature, payroll contacts will receive late payroll notifications.
For plans using the payroll calendar tracking feature, payroll contacts will receive late payroll notifications.
Loan overpayments are removed during the payroll process. You will receive a notification with the participant(s), the overpayment amount(s), and a request that the amount(s) be refunded to the participant(s). The automated funding request (AFR) will reflect the reduced loan amount, as well.
Loans that required plan approval before the transition will continue to require plan approval. If loan requests do not currently require plan sponsor approval, you will be notified of any pending loan requests and will have 48 hours to review them. If you do not approve or deny the request(s) via the plan website, the loan(s) will be deemed approved by you and processed on your behalf.
If negative values are included on your payroll files, additional action will be needed following submission. To improve your experience, we recommend not including negative contributions. If a negative contribution is identified on your submission, Ascensus will contact you to assist with correcting the affected participant.
On a monthly basis, residual distributions are automatically processed for terminated or retired participants who have balances under $100 and have taken a complete account distribution in the past 60 days. Participants may request residual distributions at any time via form or through the employee website. Residual distributions will not be automatically processed for distributions issued prior to the transition.
Participants may request online distributions via the employee website for separation from service (total payouts), in-service due to age 59½ (cash only), and hardship. As a plan sponsor, you may process online distributions via the plan website for separation from service (total payouts) and hardship.
Last updated December 12, 2024
Additional questions?
Your relationship manager is here to support you every step of the way. Feel free to reach out with any questions.