As a Plan Administrator, you will receive Withdrawal Statements any time claims are set to pay out from your company account. This happens on Mondays, Wednesdays, and Fridays. However, sometimes these statements can be deleted or it ay be difficult to find a specific date you need by sifting through your email history. This is why we provide access to an identical report, known as the Bank Transaction Report, in your Plan Administrator account. Below are the steps to retrieve and review this information:
Navigate to the Reports tab.
Choose the Bank Transaction Report if you know the exact date that you need to run the report for.
If you do not know the exact date, or if you need to run a range of dates, you can also run the Bank Reconciliation Report.
Both of these reports provide a comprehensive breakdown of claim amounts, advisor fees, admin fees, and taxes.
Recommendations for Managing Fees
If you wish to better understand the total costs for your business, consult with your company advisor to review the details in the Withdrawal Statement or reports.