Misc. 1
A participant distribution was issued but as of the last day of the plan year hasn't cleared the statement. Is this an Asset or liability?
- Liability
Transfers due should net to what amount in the Plan Totals Tab?
Zero.
Is it procedure to add Other Investments to the Axis Vendor Tab?
- Yes
Is it procedure to add Other Investments to the List of Investments Tab?
Yes
Master Flow thru- Is it procedure to have an individual column for each participant receiving contribution transfers, or other transfers?
- Yes
If you need Management Approval for any TA related items (corrections, Billable time difference) what should you do within the trust accounting?
– Leave a white processing note (sometimes an additional yellow note if it is an action item.)
What does QRP stand for?
Qualified Retirement Plan
What do we check to make sure all activity from the per account tab was linked to the plan totals?
– Gain/ Loss
What two situations can qualify for a QDRO
– What is Divorce or Late Child Support
On our trust accounting, this is when a defaulted loan for an active participant becomes a deemed loan.
– What is when the 1099R is issued
This type of Other Investment is always listed as a negative value.
What is Mortgage Liability
This is the cell on the Contribution Recon tab that must be manually adjusted when contributions are made to a mutual fund or other investment.
- What is total deposits.
Who is responsible for doing the comparison of billable hours from the prior year’s trust accounting to the current year’s trust accounting.
– The Trust Analyst completing the TA.
What is the maximum non-mortgage loan for a participant with a balance of $80K who is 75% vested.
– What is $30,000
Notes and Deeds are promissory notes (outside loans) that are treated exactly like this other type of investment in the plan?
- What are participant loans
What four transactions must be manually linked from the Mutual Fund Tab to the Plan Totals Tab
– What is: Fees, Distributions, Rollovers and “Other Activity” (outside transfers)
What are the 2 exceptions to Vendor plans to being reconciled on an accrual basis?
If the Client is paying (and noted in Axis) and Money Purchase Plans
SDBA plans with a Master Account – where do you look to determine if the Master/Forfeiture account holds Pooled funds (assets).
– What is look in the prior year valuation report.
If a DC plan receives excess QRP funds, where is this listed on the 5500?
– Plan to Plan Transfers
This is what you do with mutual funds and other investments to get them to link to the list of investments tab.
- What is add them to the plan totals row 7-16 ( the account number section)