Frequently Asked Questions
How is Wilmington Trust Retirement and Institutional Services Company different
from other trust companies?
We provide personal trust, retirement plan and institutional account services for
brokers, registered investment advisors, investment managers, financial planners,
third-party administrators, and financial management firms. We are a full-service
trust company, providing all of the services available from typical bank or trust
companies with two notable exceptions. First, we do not offer investment management
services. Our advisor partners manage the investment of trust assets. This is very
different from traditional bank and trust companies that require trust assets to
be held and managed by the bank and trust companies. Second, we generally accommodate
any custodian the advisor prefers. In this way, the advisor maintains complete control
of the assets.
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Where are you chartered?
Wilmington Trust Retirement and Institutional Services Company operates under a
trust charter issued by the Delaware Office of the State Bank Commissioner.
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How do you work with financial advisors and third-party administrators for business?
We never compete with our partners for their business. Instead, we partner with
financial advisors and TPAs to offer their clients superior trust administration
services. We do not offer investment management services nor do we offer plan administration
services.
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How do you charge for your services?
Our services are priced under a dual structure that distinguishes between market
value activities and transactional activities. We bundle core services that apply
to all plans and assess a market value fee for these services. Then, because transactional
activity will vary from plan to plan and client to client, we charge separate fees
for benefit payments, issuance of participant loans, maintenance of individual directed
accounts, unitization services and other transaction-based activities. Please
click here to contact a representative for a complete description
of our fees.
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Will there be a single point of contact for questions regarding my client’s retirement
plan?
Your plan will be assigned to an experienced relationship manager who will be your
primary contact and will oversee all trust functions for the plan. Your relationship
manager is part of a team of retirement plan professionals who are familiar with
your plan and can provide knowledgeable backup in the event your relationship manager
is not available.
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How will you communicate with the custodian of the plan’s assets?
We maintain electronic connectivity with multiple sub-custodians to receive daily
information on the plan’s investments. Your relationship manager and sub-custodian
facilitate information regarding incoming monies and requests for money to satisfy
distribution needs.
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What information do you provide to plan clients?
We issue comprehensive trust statements on a monthly, quarterly or annual basis,
according to the client’s wishes. Along with a traditional asset statement, clients
can choose to receive a variety of investment performance and activity-based reports.
Additional report options include portfolio appraisals, transaction summaries, deposit
and withdrawal histories, outstanding check registers and monthly benefit payments.
Advisors can elect to receive hard copy reports or electronic files.
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Will you make an annual certified trust statement available for the plan’s fiscal
year?
Yes. We provide the certified trust statement based on the plan’s fiscal year. You
may request the certified annual report from your relationship manager.
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Does Wilmington Trust Retirement and Institutional Services Company undergo an SAS
70 Level II each year?
Yes. A copy of the most recent SAS 70 Level II is available upon request.
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Who keeps track of the participants who are in payee status in a defined benefit
plan?
The plan administrator or plan sponsor keeps track of the plan participants who
are in payee status and provides updates to us as needed. The plan sponsor can update
the benefit distribution file directly, online, by accessing the partner Web site.
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For defined benefit plans, do you provide a monthly check log or register of the
periodic distributions?
Yes, if you would like one. You can request a monthly check register from your relationship
manager.
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Where are plan contributions sent?
Company contributions are sent to Wilmington Trust Retirement and Institutional
Services Company.
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Do you handle federal withholding, remitting and reporting?
We are able to withhold taxes for payees based on the information provided by the
plan sponsor or plan administrator. We remit and report to the federal government
on a daily basis and provide 1099-R reporting at year-end to plan participants and
the IRS.
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Can I transfer the trusteeship of an existing retirement plan to Wilmington Trust
Retirement and Institutional Services Company?
Yes. Our team of experienced conversion professionals can walk you through this
simple process.
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What documentation is required to transfer assets from the current trustee to Wilmington
Trust Retirement and Institutional Services Company?
Generally, you will need (1) a copy of the executed plan document, (2) a copy of
the plan’s determination letter, (3) a copy of a recent asset statement, (4) the
account application in electronic format, (5) an original board resolution appointing
Wilmington Trust Retirement and Institutional Services Company as non-discretionary
trustee or custodian of the plan, (6) an original signed Wilmington Trust Retirement
and Institutional Services Company trust agreement, and (7) a list of authorized
signers. Additional information or documentation may be required. Please
click here to obtain more information.
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How long will the transfer process take?
The transfer and re-registration process generally takes no more than two weeks
once all of the paperwork has been completed and we have accepted the plan. Conversion
may take longer, based upon plan requirements.
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When will you be able to issue distribution checks after taking over trust administration
for a defined benefit plan?
We are able to issue distribution checks once the plan has been formally accepted
and the assets have been transferred, and cash is available in the account.
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