Do You Know Us?
What do we charge for the FranPlan fee?
$4,795
Describe (2) scenarios where we have an exception to the 90-day rule.
1. Co Value Needed: If the company's financials have changed. EX: corp acquires vehicles, inventory, equipment. Especially if it has had profits
2. Co Value Not Needed after 90 days: corp still only holds cash as nothing has been acquired.
What is the difference between eligibility and participation?
An eligible employee is someone who has met the plan’s eligibility requirements (e.g., age, service, hours, entry date rules) and is allowed to enroll in the retirement plan.
Participant
A participant is an employee who has actually entered the plan—meaning they:
Elected to defer or
Received an employer contribution or
Otherwise have a plan account balance
Answer the following question: As an officer of the company, am I required to take a salary? If so, is there a minimum salary that I must take?
You must be an employee of the company because you participated in the company’s retirement plan. An individual cannot participate in the plan unless they are an employee. In general, an employee is normally on payroll, but we understand that during the start-up phase it is not unusual to not pay a salary until the company is operational and possibly profitable. In short, you are not required to take salary right now, but you will want to have that budgeted long term to show that you are a legitimate employee that was eligible to participate in the plan.
What is an MDO?
A missed deferral opportunity (MDO) is a retirement plan error occurring when an employer fails to properly withhold an employee’s voluntary pre-tax contributions from their pay, often due to missed enrollment, failed auto-escalation, or missed payroll deductions. This operational failure deprives employees of tax-advantaged savings and requires specific
What is the name of the product FranFund sells for our ROBS customers?
What is a FranPlan
In order to make an investment with retirement funds, the person must be an ____________________?
Employee
What type of employees are typically excluded from the plan?
Contract
Non-residents
TRUE or FALSE:
A PSCG makes a plan HCE/KEY
False
The funding for a new LLC comes from the corporation - is this a PT?
It Depends! If the LLC is owned by the owner, yes, it's a PT. If the LLC is wholly owned by the corporation, no, it is a PSCG.
Name 3 people on the Lending Team
Jessica, Kimberly, Lisa, LeAnn, Joe, Mayce, Jordan, Sarah, Genesis, Vanessa
Name 3 Custodians that require Like-to-Like Transfers
What is Long-Term, Part-Time Employee?
An Employee aged 21 or older who works at least 500 but fewer than 1,000 hours per year for two to three consecutive 12-month periods
Name 3 documents that are requested when a client is getting an SBA loan and utilizing ROBS.
Plan Document
Stock Register
SBA Letter
Is opening a Simple IRA a PT?
No. However, the IRS does not allow a business to have a DC plan (ROBS in our case) and SIMPLE plan at the same time - this is a disqualifying event.
What are our 5 company values?
Model Excellence
Embrace Relationships
Expedite Quality
Choose Positivity
Celebrate Success
What should you do if the client is asking to do an investment but is marked pending term?
Closing business cannot make an additional investment. Would need to take an in-service.
Name: Anita
DOB: 4/18/2000
DOH: 2/4/2023
•The plan eligibility requirements are age 21 and one year of service.
•Anita works full-time.
•The plan is a calendar year plan.
•Dual entry dates
What is Anita's DOE?
7/1/2024
Why does FranFund stand by pooled accounts and not participant-directed accounts?
If the accounts were participant directed, the trustee, by law, would need to offer the company stock as an investment source to avoid discrimination of plan assets.
When does the refund for a failed ADP test need to be processed?
by March 15th
What year was FranFund formed?
2006
Name all 9 Phases of the initial funding process
Client Engaged
Docs Recd
Corporation Formed
App to Client
App sent to Custodian
Acct Opened
Acct Funded
Corp Funded
Stock Cert & Binder Email
What is the 2026 definition of an HCE?
More than 5% owner in the current plan year or prior plan year.
Stock attribution rules may apply to an owner's spouse, lineal ascendants and lineal descendants.
Earned more than $160,000 in 2025.
Name all additional charges that apply for a BSCG that does not pass 410(b).
Name 4 normal business transactions that are red flags for a possible PT.
"Owner Draw"; "Dividend payment" (when zero ind. Ownership), "Owner Loan", "1099 Compensation", "Holding company", "Real-Estate Investment as operation", "S-Corp election", "Sweat Equity",