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Agenda - Council - 03/11/2025
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Agenda - Council - 03/11/2025
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4/8/2025 1:35:43 PM
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3/6/2025 3:46:40 PM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Council
Document Date
03/11/2025
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Miscellaneous <br />Account Corrections <br />It shall be the Participant's obligation to review all confirmation statements and quarterly <br />statements for discrepancies or errors. Account corrections will be made only for errors <br />which are communicated by the Participant to the Administrator within 60 calendar days <br />of the last quarter end. After 60 days, account information shall be deemed accurate <br />and acceptable. If the Participant notifies the Administrator after this 60-day period, the <br />correction will only be made from the date of notification forward and not on a retroactive <br />basis. <br />Small Balance Transfer to Plan Sponsor Account <br />On a quarterly basis, the balance of each Participant account that has a small balance <br />shall be transferred to the Plan Sponsor account. A Participant account has a small <br />balance if the balance of the account is five dollars or less for a period of at least three <br />months and no contributions are made to the account for the same period. <br />Each Participant whose small balance is transferred to the Plan Sponsor account shall <br />be notified. At the Participant's request, any small balances transferred from the <br />Participant's account to the Plan Sponsor account will be restored to the Participant's <br />account. <br />Assignability of Participant Account <br />None of the money in the Plan is assignable either in law or in equity or subject to estate <br />tax, or to execution levy, attachment, garnishment, or other legal processes, except as <br />provided in Minnesota Statutes, sections 518.58, 518.581, or 518A.53. <br />HCSP Plan Document <br />December 1, 2023 <br />16 <br />
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