What is a beneficial owner?

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

Why is beneficial ownership information needed?

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 photo of the drivers license).

NOTE: A photo of the drivers license (versus a PDF) is preferred when uploading the support material.

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