Retirement Terms
This type of vesting is when someone goes from completely unvested to fully vested after meeting certain criteria
Cliff Vesting
You must ask this verification question for all ppts, regardless of what tier they come in as
Their first & last name
This retirement plan type deals with for profit companies.
401ks
You would choose this type of money management transaction when transferring money to or from an SDBA
Fund to Fund Transfer
If a ppt turns 73 this year, their first RMD would be due by this date.
April 1st of next year
This type of rollover gives 60 days to get the money over to another institution before they become taxed/penalized.
Indirect Rollover
A ppt must be this tier level before you can enroll them into voice authentication
Tier 2
These plans offer unforeseeable emergencies
457 Plans
When you transfer money to an SDBA it would be out of the market for this long
One business day
You can find what a ppt's RMD is in PSR by doing this
Modeling a withdrawal
This is a court order that can force disbursement of 401(k) funds
A Qualified Domestic Relations Order (QDRO)
If someone other than a ppt wants to speak to you about the account, you must read this script to the ppt first.
LDOA Script
This plan has employers that may sponsor organizations such as Animal and children cruelty prevention and religious organizations
403(b) Plans
If you were to transfer money from an SDBA to their core fund today at 2pm EST, when would the money be reflective in their core account?
Tomorrow / Next Business Day
PPT's 73 or older do not have to take out RMDs if they are still doing this.
Working!
Hardships for 401ks which always have the same 6 hardship categories are known as this type of hardship
Safe Harbor Hardships
When a retirement account is created for a ppt, they get mailed this, which they also can enter into the IVR to become Tier 2
A pin number
The 10% penalty generally does not apply to this plan type
457 Plans
SDBA info can be found in this section in KM
Money Management
By default, RMDs will have this default federal tax withholding which is similar to Hardships
10%
This contribution limit, which consists of employee and employer contributions, has a $72,000 limit
415(c) limit
In addition to the normal security protocol, you should check their account in smartworks to see if they have any of these on file.
Security Questions
Someone that is over 50 can contribute $8,600 into this type of plan.
IRA
For most plans, Charles Schwab or Morgan Stanley is the brokerage firm for SDBAs. There are a couple plans where Voya handles the SDBAs. This is known as the Voya ______
Voya Flex
The RMD amount each year is determined by these two main factors.
End of year balance + age