To help you save for retirement, Monkey Sports, Inc. has adopted the ERISA Partners, Inc. Pooled Employer Plan. Simply enroll and get started. ERISA’s support team is available to answer your questions, and help you plan for a secure retirement. Your contributions, and Monkey Sports, Inc. matching contributions, are held in a trust account for your benefit at Charles Schwab Trust Bank. You have numerous investment options, and an adviser at ERISA is available for one-on-one planning or investment advice.
Online Enrollment It takes just a few minutes to enroll online with your smartphone or tablet. Go to https://www.erisa.com/monkeysports , answer a few questions, set your contribution rate and you’re on your way. Alternatively, contact ERISA for a paper enrollment form.
How to Log into Your Online Account. If you are a new employee and enrolling online, your online account will be setup within one business day after you complete the online enrollment. Please follow the instructions below to register and access your online account: www.erisa.net.
Register to access your account on the login page. You will be asked to verify your information on file, and prompted to complete your account setup and Monkey Sports, Inc. matching contributions.
Support
Phone: 800-858-6989
Email: support@erisa.com
Plan Provisions
Age & Service
• Age 21
• 90 days of service
• 390 hours of service
Entry Date
- Monthly
Salary Deferrals Options
- Pre-tax
- Roth
Vesting
- Your contributions are always 100% vested.
- Employer matching contributions are subject to a 5-year graded vesting schedule
Withdrawals
- In-service at age 59.5
- Hardship withdrawals
- 401k loans
ACA Refund Request Link: This would be where employees would go if they’re looking to request a refund of their automatic deferrals within 90 days of their automatic deferral contribution. As stated on the call, there is no fee associated to this type of distribution, so they would request the refund, e-sign the form we send them, and the funds would be sent to them as a taxable distribution (since it would be Pre-Tax funds).
erisaconsultants.formstack.com/forms/aca_refund_request-a20
- Enrollment Guide & Mobile App Collateral: Below is a link to the enrollment guide for the Monkey Sports plan, and on page 2, covers the mobile apps available for employees to download. Enrollment Guide.
Plan Matching Formula: The current formula is noted below, with an example, and I’ve includes some examples of matching contributions we received on the 3/21/2023 pay date file from Paycom that don’t align.
100% match on deferrals up to 1% of compensation, plus 50% match on deferrals on the next 5% of compensation
•Ex.) Someone defers 2% Pre-Tax & 2% Roth to the plan, they should receive a matching contribution equal to 2.5%
•Ex.) Someone defers 10% Pre-Tax to the plan, they should receive a matching contribution equal to 3.5%
3/21/2023 Matching examples:
•Enos, Joseph
Deferred 4% Pre-Tax, received a 2% Match, expected 2.5% match
•Kelly, Deborah
Deferred 10% Pre-Tax, received a 2% Match, expected 3.5% match
Mailing & Wire Instructions: If anyone is looking to move their funds over the plan on our end, they can use the Mailing & Wire instructions linked below to designate to the prior provider where to send the funds Mailing & Wire Instructions
• Also if they would like to fill out the Income Rollover format at erisaconsultants.formstack.com/forms/incoming_rollover-a20 that will also give us a record and heads up that the funds are on their way.