You have the ability to exempt your business after you have started your registration. You can do so by following these steps:
- From the initial onboarding screen, click Exempt my business from the program in the bottom left-hand corner.
- You will be prompted to confirm that you do, in fact, want to exempt your business. If you would like to continue, press Continue.
- Next, you must select your reason for exemption. Once you have selected the appropriate option, select the checkbox confirming that your selection is accurate and correct. Finally, press Confirm Exemption once you are finished. Keep in mind that you are only eligible to be exempt if you offer one of the qualified retirement plans outlined below:
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- 401(k) – or other 401(a) plan
- 403(a) – qualified annuity plan
- 403(b) – tax-sheltered annuity plan
- 408(k) – SEP plan
- 408(p) – SIMPLE IRA plan
- 457(b) – governmental deferred compensation plan
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- After you have clicked Confirm Exemption, you will be provided with a success message that contains your exemption code. We recommend that you retain this code in your records. You may have the code emailed to you by selecting Email me the exemption code.
While we strongly recommend exempting through the digital portal, you may, alternatively, call our servicing team at 1 (844) 692-1073 to update your business status to exempt or terminated. If you plan to call in, be sure to have your:
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- Business Name or DBA
- FEIN
- Caller’s Information (Name, Title, Phone Number)
- Exemption reason
- Date of Termination (if applicable)
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No action is required by your employees. If you have added employees or sent contributions, they own their account and can continue to save with the program by setting up contributions directly from their bank to keep savings for retirement.