Contributions: TDS has developed a proven systems that allows for timely processing of all received payroll contributions. Our average processing time is 2.0 days, with the first day being the date of receipt from the Employer. In actuality the contributions are processed out on average within 24 hours. TDS contracts with the employer to process the contributions within 5 business days of receipt of both the funds and data file in good order.
Transactions: Tax Deferred Solutions attempts to process ALL transactions within 5 business days of receipt (even when not received in good order). Our overall average processing time for all types of account transactions is approximately 2 days. Since the first day is the day of receipt, our average transaction processing time is actually within 24 hours.
Below are the processing averages for Tax Deferred Solutions by type of transaction:
- Receipt of and processing out of loans: Approximately 2 days.
- Receipt of and processing out of transfers: Approximately 2 days.
- Receipt of and processing out of hardship requests: Approximately 3 days.
TDS meets our transaction timing goal of 5 business days 100% of the time if all documents are received in good order. There are times when the transaction request submitted to TDS is not in good order. TDS does not simply refuse the request and send it back as many other administrators do. TDS, being a service conscientious company, makes every effort to obtain the necessary information or documents from the plan participant in order to process the transaction within the time frame.
If we are unable to process a transaction within 5 business days then the transaction is either returned to the participant with a letter explaining why the transaction was unable to be processed, or if requested by the participant, we will hold the transaction as pending while the participant works to bring it in to good order.