Once your distribution request is submitted, it will route through a few review and processing steps. For transparency, we provide line of sight into their activities for you, directly on the Dashboard page of your online account.
All distribution requests are sent for approval -- this action is typically completed by your Employer.
Once the distribution is reviewed and approved, the payment will be processed. Payments are generally received within 7-10 business days for a check; 5-7 business days for direct deposit (if available).
Distribution Request Steps and Statuses
Confirmation that your distribution has been received and is in progress.
Awaiting Employer Approval
All distribution requests are sent for approval -- this action is typically completed by your Employer. The Distribution Tracker will note the current status with a blue circle. If the tracker displays Awaiting Employer Approval than Sentinel is waiting for your Employer to approve the request.
Note: We cannot proceed with your request until the Plan Sponsor has reviewed it.
If approved, you will receive an automated email notifying you that your request has been approved. Next, your request will be be processed and traded.
If rejected, you will receive an automated email with the reason for the rejection and any comments from the Reviewer.
After approval, your request is processed and trades are initiated within your account to sell shares to fund your request. Most standard mutual fund trades settle in one business day where the market is open (T+1), however some holdings may take longer to settle to cash.
Once your trades have settled, the cash is available to complete the payment of your distribution request. At this stage in the process, we review your request to ensure payment details, tax withholdings (if applicable), and other details are in order before we finalize the distribution.
The distribution request has been sent for payment processing (check writing or initiation of the direct deposit) with Paying Agent Services.
|Issued||The distribution request payment has been issued based on the payment details of the request and should be received shortly.|
Checks sent via Standard Post: Distribution checks, depending on where they are being mailed, are typically in transit for 3-5 business days. Rollover checks will be deposited into new plans/accounts based on the processing timelines of the receiving institutions.
Checks sent via Overnight Post: Distribution checks that are overnighted should be received the day following the payment issued date.
Direct Deposits (ACH Requests): The distributions are typically received by Banks within 1-2 business days of payment issuance and posted to your account.