ARC Account Initial Funding 

Scope

This procedure applies to all employers and Customer Success Managers (CSMs) responsible for establishing and funding ARC Accounts.

Procedure

1. Determine Initial Funding Amount
   • The initial funding amount is automatically calculated in the benefitbay platform using the locked model + 20%.
   • NOTE: Here is a link to the old process of manual calculation
2. Funding Deadline Requirement
   • The ARC Account must be fully funded before the start of any Open Enrollment and must meet the requirements outlined in the Funding Method Determination section.  
3. Funding Method Determination
   • Refer to the Finance team’s funding schedule to determine the appropriate payment method:
     • ACH Draft: This option may be used only if both the Employer Funding Account/ARC Setup and Funding Date deadlines can be met. Note that setup must be completed approximately 10 calendar days prior to open enrollment.
     • Wire Transfer: Required if the ACH Draft required deadlines cannot be met. Please refer to the "Wire Transfer-Timing to Know" section for specific timing requirements.
4. Access Funding Schedule
   • Review the funding schedule at the designated New Group Funding Schedule  method requirements.
     
   • If there is uncertainty regarding funding deadlines or timing, contact the Finance team (Hannah Ford) to confirm the correct dates.

5.   Wire Transfer

• • Timing to Know

• To get funding the same day, the wire must be sent before 12:00pm CST.

• Wires sent after 12pm CST will likely post the next business day.

• • Sending Wiring Instructions to the employer

    • Complete this Word Document. Save the Word Document as PDF so no changes can be made by the employer. Before sending, ensure all of the following fields have been completed:

    • Employer name

    • Funding amount

    • Routing number

    • Account number (ARC # found in the employer's benefitbay profile)

• • After the Wire is Sent

    • Once the instructions have been sent and the employer has initiated the wire:

1. Obtain confirmation from the employer that the funds have been wired.

2. Forward the employer's confirmation to the Finance team (Hannah Ford) so they can track and verify receipt of the funds.