What is a beneficial owner? Why do you need this information?

The term "beneficial owner" refers to individuals who own more than 25% of a company. You will find the term used in the StretchDollar benefits plan contract and the admin Benefits Portal setup.

Why is this important? When it comes to money transfers — in this case, from the employer to the employee — banks require that the identity of all major owners is verified. To comply with banks' security requests, please make sure to list in the Benefits Portal all persons who own more than 25% of the company and to upload the requested support materials (usually a drivers license).

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