What's Your Type
True or False? Rollovers and Loan Payments count as contributions
What is False?
Describe the Vesting Service Level "Full"
What is Empower always has up to date vesting information in CIRRUS?
True of False Plans always allow ppts to contribute Before-Tax, After-Tax, and/or Roth money.
What is False? (All may be options based on plan rules)
A married ppt would name a specific beneficiary unless this is obtained allowing them to name someone else
What is spousal consent?
A time when a participant's money is fully invested in the market, but they cannot see the balance or perform transactions
What is a Blackout Period?
Fixed, Discretionary, and and Match are contributions made by...
Who is the employer/plan sponsor?
If vesting is confirmed only at the time a participant requests money (as a loan or withdrawal) out of their account, the vesting service level is...
What is Bene?
Plans which use auto enrollment may offer this feature for employees who don't wish to participate at this time
What is 90 Day Permissible Withdrawal?
This is where I would check if the call is in a segment I'm expected to handle
What is CSAS Bulletins/ Important Messages?
If a participant leaves the company before becoming 100% vested, this is what happens to the non-vested portion of the employer contributions
What is it is forfeited back to the plan?
The money type where ppt pays taxes at time of contribution. Taxes will be paid on earnings at time of withdrawal.
What is After Tax?
This Vesting service level is when the employer occasionally sends updates to Empower. CSAS will reflect the most recent details is received, but may not have up to date information
What is Info?
This is where you would go in CSAS to change a ppt contribution amount
What is Participant Changes > Deferral Amount Change
These are the 3 common brokerage account providers
What are Empower Brokerage, TD Ameritrade, Charles Schwab
The 415 contribution limit includes these money types
What is employee Pre-tax, Roth, AND After-tax plus ALL employer contributions. (Catch up is above the limit. Rollover and Loan payments do not count toward the limits)
This is the money type where ppt pays no taxes at time of contribution. Taxes will be paid on contributions and earnings at time of withdrawal.
What is Pre-Tax/Before Tax?
Name the three Vesting Schedules
What are graded, cliff, and immediate?
Plans may have different enrollment frequencies. Name two
What is immediate, Monthly, Quarterly, Semi-Annual, Annual
The three levels of help from the empower retirement advisory Services
What are: Do It Myself, Help Me Do It, Do It For Me?
Contributions to a traditional IRA are __, while Pre-tax contributions to a 401K are __.
Tax deductible; Tax deferred
The money type where ppt pays taxes at time of contribution. Taxes will be paid on earnings at time of withdrawal unless the ppt waits until age 59 1/2 or older AND it's been at least 5 years since the first contribution
What is Roth?
These are the reasons a ppt would be 100% vested even if they have not otherwise attained full ownership of employer contributions
What are death, disability (complete and total), reaching the plans normal retirement age while working, and plan termination?
The ways a ppt can enroll vary by plan. These are the ways plans may allow enrollment
What are online, Over the phone, Auto Enroll, Paper form, PEC?
On most calls you should offer this service. Exceptions include escalated callers, or terminated ppts requesting a withdrawal
What is incoming rollover/consolidation?
The purpose of discrimination testing is
What is to ensure the plan is not set up to discriminate in favor of highly compensated employees over non-highly compensated employees