Online Information

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How is the site secured?

Security Socket Layer (SSL) technology encrypts (scrambles) information that is being sent over the Internet between your computer and Alerus Retirement and Benefits (Alerus), helping to ensure that the information remains confidential. The use of SSL requires that you have an SSL compatible browser. While older versions may support SSL sessions, Alerus strongly recommends the following browsers.

Microsoft Internet Explorer 8.0 or later

Netscape Navigator 6.02 or later

All browsers must be ready for 128-bit encryption

What are the basic accessibility practices?

Rules for Use

By using your Personal Identification Number (PIN) through ARB Online, you authorize Alerus to accept any changes to your fund elections for future contributions and/or transfers among the funds designated for your plan or other arrangement. However, Alerus can cancel, modify or restrict your use of ARB Online at any time upon notice to you or your employer. Alerus can cancel, modify or restrict access to the system without notice if it is believed your PIN has been lost or stolen, used without authorization, or where necessary to maintain or restore security of your account or ARB Online.

System Availability

There will be periods when ARB Online is not operational due to market disruptions, system maintenance and acts of God. Alerus reserves the right to bring the applications down as necessary. Alerus intends down time to be minimal and transparent to you. If the applications are down for an extended period, we will notify your employer of the event and Alerus's plan of action.

Transfer Requests

Unless the stock market is closed, closing early or the plan directs otherwise, the daily cut-off time for processing transfer requests is 3:00 P.M. Central time on any available trading day, assuming all funds within your plan allow late day trading. Alerus will attempt to process transactions accepted by ARB Online before 3:00 P.M. Central time on the same day. For transfers accepted by ARB Online after 3:00 P.M. Central time or the time directed by the plan, Alerus will attempt to process the transfer on the next available trading day. A confirmation number of the transaction will be made available to you at the time of the transaction. Participants should use this confirmation number in conversations or written correspondence with Alerus Retirement and Benefits. While Alerus will make every reasonable effort to process trades in accordance with this schedule, Alerus is not responsible for any losses incurred due to delayed trade processing, unless due to willful misconduct or gross negligence on the part of Alerus.

Market Disruptions

During stock market disruptions, ARB Online may be unavailable and/or telephone lines may be busy. Also, during stock market disruptions, Alerus will endeavor to process requested transactions within the period stated. However, if transactions cannot be completed due to circumstances beyond Alerus's control, they will be completed as soon as possible. We reserve the right to process transactions as soon as administratively possible.

Accuracy of Information

Alerus receives pricing data and other fund related information directly from various pricing services. Alerus is not responsible for the accuracy of information received from pricing services. If Alerus is notified of incorrect information, we will make corrections as soon as practicable.

Your Liability

It is your responsibility to keep your PIN and Password confidential. Your PIN is provided in a sealed envelope addressed with your name. If your envelope has been tampered with, or has been opened before you receive it, please call the Client Service Team at (800) 433-1652. You assume responsibility for the results of investment fund transfers placed using your PIN or Password. These transactions may result in gains or losses on your account, just as they would using a printed form. You must tell an Alerus Retirement and Benefits representative at once if you believe your PIN has been lost or stolen, or if you believe someone has ordered investment fund transfers or future investment fund election changes without your permission.

What are the Terms and Conditions I agree to when using the Alerus website?

See here for Terms and Conditions

How do I change my User ID, Password, security question, or security answer?

You may change your User Id, Password, security question(s) or security answer(s) by calling a Client Service Center representative at (800) 433-1685. After identifying who you are, the representative will clear your existing data, which will allow you to repeat the registration process.

How do I change my Password?

Once you enter your User ID, you may change your Password on the Participant Password Entry screen of ARB Online. You will click on the "Reset Password" link, next you will be asked to enter your current Password, and then a new Password. Passwords are case sensitive. Click the "Continue" button. Your new Password will be updated immediately and should be used the next time you log in to ARB Online

Password Requirements:

What is the difference between an investment election change and a transfer, realignment, or automatic rebalance?

A transfer, realignment or automatic rebalance moves only the money that is already invested in your account. An investment election change updates the percentages that are used to invest your future deposits only.

What is the difference between vested and non-vested money?

Vested money is money you own. All deferral contributions (pretax contributions that you make to your account) are always 100 percent vested. If your company makes contributions to your account, your plan's vesting schedule is used to determine your vested percentage of the company's contributions. See your plan's Summary Plan Description (SPD) for the vesting schedule and more information on vesting.

Why are my election %'s and balance %'s different?

The investment election percentages you have chosen to invest future contributions reflects how your new deposits will be invested, including any loan repayments and rollovers. The balance percentages, shown in the “Ratio” column throughout the website, reflect how your existing account is invested as of the current valuation date, which reflects the change in market value.

What is the difference between the “Realign my Existing Balance” option and the “Transfer Specific Amounts” option?

A “Realignment” will realign your current account balance to the fund percentages you choose.

A “Transfer” occurs when you move a specific amount from one investment option to another.

How do I sign up to realign my account automatically?

You may establish an annual, semi-annual or quarterly routine to rebalance your existing account at scheduled intervals, called “Automatic Rebalance”. In the “Change my Investments” section, click on “Automatically Rebalance my Account” to set-up a schedule. The investment allocation you enter will be used to rebalance your account on the frequency you’ve selected.

How do I view or cancel my Automatic Rebalance transaction?

You may view your pending transactions in two different areas, by clicking on either “Change my Investments” along the left side of the screen or on “Pending Activity” along the top navigation bar. Your pending transaction will show your rebalance frequency under the “Transaction” column, and the next scheduled rebalance date under the “Trade Date” column. Click on Delete to cancel.

Can I cancel a transaction I submitted?

Yes, there are two areas that show pending transactions, on the top of the screen in “Pending Activity” and in the “Change my Investments” section, under “Pending Transactions”. You may cancel a transaction by clicking on the “Delete” option next to the pending transaction. Note, once a transaction begins processing it will no longer appear as pending, therefore, it would no longer be eligible for deletion.

What happens to contributions deposited into my account before I have selected my investment elections?

If you have not selected investment elections, contributions will be deposited into your plan's default fund. A default fund is selected by the plan sponsor and is the designated investment election into which contributions will automatically be invested if a participant has not selected investment elections.

What are the Client Service Center hours?

The Alerus Retirement and Benefits Client Service Center is available standard business days: Monday through Friday 7:00 a.m. to 6 p.m., Central time

(800) 433-1685

What are mutual fund redemption fees and when are they charged?

What is a mutual fund redemption fee?

A mutual fund redemption fee, also referred to as a “redemption fee”, “market timing fee”, or “short-term trading fee”, is a charge by a mutual fund company to discourage investors from making a short-term “round trip” (i.e. a purchase, typically a transfer, followed by a sale within a short period of time).

When is a redemption fee imposed?

Most mutual fund companies will impose the fee upon the purchase and subsequent sale occurring within a specified time frame. For example, assume that Mutual Fund A imposes a 2% redemption fee upon a purchase and sale which occurs within 30 days. Joe Investor realigns his account and buys $5,000 of Mutual Fund A on June 1. By June 25, the fund value increases to $7,000 and Joe sells. Because Joe bought and sold within the redemption fee period, the fund company will deduct $140 (2% of his trade of $7,000) upon the sale.

Why do mutual fund companies impose redemption fees?

The potential harm caused by short-term trading became an issue when it was discovered in 2003 that some 401(k) plan participants were trading rapidly in and out of certain mutual funds to make quick profits. Short-term traders harm other participants in a fund in two ways. First, the fund is required to maintain larger than necessary cash positions to cover the sale orders of short-term traders. Second, numerous short-term trades increase the operating costs of the fund, thus penalizing long-term investors.

To what type of transactions will the redemption fee apply?

In general, redemption fees will apply to participant-initiated purchases, typically via a transfer, and sales of the same fund occurring within a relatively short time frame (for example, 30 days).

What is the amount of a redemption fee?

Fees vary by fund company and by fund. The amount of a fund’s redemption fee is outlined in each fund’s prospectus. Shares that are subject to a redemption fee are determined based upon the “first in, first out” (“FIFO”) method where shares bought first are redeemed first, and shares bought last are redeemed last.

Where does the redemption fee go?

The redemption fee is reinvested in the fund in order to benefit long-term investors remaining in the fund.

Will all funds eventually impose a redemption fee?

We do not know if all funds will eventually impose a redemption fee. Federal regulatory agencies are debating the issue, but no industry-wide requirement has yet been established.

As a participant, what do I need to know?

The type and timing of a requested transaction may cause a redemption fee on your trade. The fee will be taken prior to settlement of the trade in your account.

How can I find out if a redemption fee will apply to a transaction I want to initiate?

In the “Change my Investments” section of the website, the word “Applies”, when listed in the “Redemption Fee?” column indicates a trading policy exists and is being enforced by the mutual fund company. If your transaction will trigger a redemption fee, it will be highlighted in red as you click through the screens. Due to market fluctuations the fee is subject to change at the time your transaction is processed. You may proceed with the transaction or cancel it.

Which mutual funds charge a redemption fee?

Click here for a current listing of funds imposing a redemption fee and the transactions affected.

What is an excessive trading policy and how will it affect me?

What is an excessive trading policy?

Large and frequent short-term trades within a mutual fund increase the administrative costs associated with processing shareholder transactions. These types of trades have the potential to interfere with the efficient management of the fund’s portfolio and increase the costs associated with trading its portfolio securities. Under certain circumstances, frequent trading may dilute the returns earned by other fund shareholders.

Because mutual funds are not designed to serve as frequent-trading vehicles, fund companies and intermediaries have adopted policies intended to discourage shareholders from initiating trades that could be detrimental to long-term shareholders.

Excessive trading policies, also known as “frequent trading policies” or “short-term trading policies,” provide for the monitoring of shareholder trading activity and will restrict a shareholder’s trading privileges if that shareholder is found to have engaged in a “Round Trip” transaction. A “Round Trip” is typically defined as a purchase followed by a sale or a sale followed by a repurchase of shares in a fund within a specified period of time.

What will an excessive trading policy tell me?

An excessive trade policy will state the required holding period and/or the number of “Round Trip” transactions, also called turn-around trades, are allowed by the participant without violating the policy. An example of a fund company’s policy would be, “a participant who purchases a fund must wait 60 days before selling it.” The 60 days would be the “required holding period.”

How will Alerus comply with various fund company policies?

Alerus Financial will monitor participant activity for the fund companies listed on our Excessive Trading Fund List.

When are the excessive trading rules enforced?

Our computer system will monitor all requests to purchase or sell shares of a mutual fund. If an excessive trading rule is violated, the trade will be rejected.

Are there any exceptions to the policy?

Yes, there are exceptions to the policy. We will not apply the policy to the following transactions:

  1. Distributions such as hardship, rollovers, loans, or retirement withdrawals
  2. Automated account realignments
  3. Contributions
  4. Plan sponsor initiated fund changes
  5. Share class conversions
  6. Reinvestment of dividends or interest

As a participant, how will I know if a trade I initiate will be affected by an excessive trading rule?

In the “Change my Investments” section of the website, the word “Applies”, when listed in the “Trading Restriction?” column indicates a trading policy exists and is being enforced by the mutual fund company. If your transaction will violate an excessive trading rule, you will not be allowed to proceed.

As a participant, will a trade I initiate be rejected if it violates an excessive trading rule?

Yes. Any trade request violating a fund’s excessive trading policy will be rejected.

Why is this important? How will this policy affect me?

If you try to make short-term trades, you may be unable to buy or sell as planned. For example, you may purchase a fund, but then be unable to sell it quickly. In that case, you may be forced to hold the fund regardless of whether the fund is gaining or losing value. So long as you were within the required-holding period, you would not be able to reap quick profits in an up market or sell in a down market. Likewise, if you sold a fund, planning to buy back into it in a short period of time, the policy may limit your ability to do so. The policy is designed to discourage you from trying to time the market.

Which fund companies enforce an excessive trading policy?

Click here (https://www2.alerusfinancial.com/arsws/extrade.pdf) for the current Excessive Trading Fund list.

How do I download my account history?

To download your account history for a given period, click on the “My Balance” option. Next click on the “Activity Summary” tab. You may view the activity in your account for a specific date range. You may filter the information by investment and/or source. query activity for a variety of periods, for specific investments, or all investments. The “Activity History Report” shown on the screen will summarize data based on your query. You may download this information by clicking on the “history download” option at the right of your screen. Your report will be downloaded in a universal CSV format.

What is the difference between “Realized Gain/Loss” and “Unrealized Gain/Loss”?

A “realized” capital gain/loss is an increase (or decrease) in the value of a security that occurs when the security has been sold by the portfolio manager. A realized gain/loss is reflected on the participant website, as “Realized Gain/Loss.

An “unrealized” capital gain/loss (also called a "paper profit or loss") is an increase (or decrease) in the value of a security that has not been sold. Any unrealized gain is reflected on the participant website, as “Unrealized Gain/Loss.

Where can I find the asset class for a mutual fund in our Plan?

Click on the “My Balance” option, then click on the “Asset Class” tab. This will show your current account balance, categorized by asset class. Asset classes are also presented under the characteristics section of each fund fact sheet. Online fund sheets are available on the participant website, in the “Investment Performance” section.