CCC Voucher FAQs
FAQs for CCC’s Plan Administrator Authorization Voucher (“Voucher”)
- What transactions are eligible to be approved with a voucher?
Currently Vouchers cover 6 transactions types: 403(b) Distributions to the Participant (qualifying event: attainment of age 59.5); 403(b) Rollover Distribution (qualifying event: attainment of age 59.5); 403(b) Distribution to the Participant (qualifying event: severance from employment); 403(b) Rollover Distribution (qualifying event: severance from employment); 403(b) Contract Exchange within the Plan (no qualifying event required); 403(b) Plan-to-Plan Transfer out of the Plan (qualifying event: severance from employment).
- When did CCC start making Vouchers available to participants?
A first voucher submission system was implemented on April 2, 2012, in which a CCC Authorization Voucher Request Form was available for download from the CCC website, completion, and submission to CCC via secure file upload, FAX, or mail. A new online wizard submission system was launched on June 27, 2012, in which voucher requests may be submitted entirely online. We trust that plan participants, financial advisors, and agents will find the new system to be convenient and more efficient that the earlier system.
- Are signatures from Carruth Compliance Consulting (“CCC”) and/or the Participant required?
Yes, to be valid the Vouchers must be signed and dated by CCC and the participant.
- Do vouchers have expiration dates?
Yes, each Voucher has a Voucher Expiration Date, which is 45 days after the Voucher Issue Date.
- Are transactions still acceptable if they contain a CCC signature instead of a voucher?
Yes, for participants that prefer the current transaction approval process, CCC will continue to review and sign vendor paperwork. However, we encourage use of the online voucher request system for several reasons, including the fact that using the voucher system will ordinarily result in an earlier transaction completion.
- Are vendors still be able to rely on their own records to process 403(b) distributions based on attainment of age 59 ½?
Yes, this procedure is available to vendors that have signed a CCC umbrella information sharing agreement.
- How are the vouchers obtained?
The participant may authorize someone to submit an online voucher request on their behalf (the Submitter) and may authorize someone else to receive the approved voucher (the Recipient). If the voucher request is approved, CCC will deliver the approved voucher to the designated Recipient by the designated preferred delivery method (Email, FAX, or Mail). Click here to reach the online voucher request page on our website.
- If a voucher request is denied, will you notify the participant directly?
Actually, as described in the previous Q&A, we will provide the designated Recipient with a denial notice, including the reason for the denial.