Hardship
Whose home can be repaired via hardship withdrawal?
The client's primary residence
The Group tab says there's a 5% transfer fee for in-plan transfers or exchanges, but the Surrender tab says the charge is 0%. What will be charged?
0%
By what date must the first RMD be taken?
By 4/1 of the year after the client turns 73.
The client's spouse requests a QDRO kit and the value of the account. What can we provide?
The QDRO kit only - not the value
Which plan type has no 10% early distribution penalty?
457
PA or TPA if they approve, Corebridge if we approve
What is it called when a client moves from a 403b with their existing employer to another 403b with the same employer?
Intra-plan Exchange
We only withhold a default of 10% for FIT on RMDs, unless...
Unless it's a group account and the client is still employed with the group (then it would be an ERD)
What service do we offer before the QDRO goes to court?
We can review the QDRO doc to make sure it has all the information we will need.
Name a plan type which has no 20% mandatory FIT, just the 10% default withholding
IRA, Roth IRA, NQDA
Unforeseen Emergency Withdrawals (UFE) can be taken from which type of plan?
457
If someone says they're purchasing service credits or years of service, what are they doing?
A direct transfer from their account to their employer's pension plan
How is an RMD calculated?
12/31 value / life expectancy
When may a birth or adoption distribution be done?
Within 1 year after the birth or adoption.
Rollover, Transfer, or 1035 Exchange - which will NOT generate a tax form?
Transfer
Employee Elective / Voluntary / Deferred accounts limit hardships to which amount?
Post-88 contributions
Before we can transfer or rollover a New York account, what disclosure form must be completed?
Regulation 60
SWD and RMD may be processed on any day of the month between which two dates?
Any day between the 5th and 24th
Which two forms are required for a birth/adoption distribution, along with the birth or adoption certificate?
Cash disbursement form and supplemental form
ERD or NERD (Non-ERD) - which one has no mandatory withholding?
Non-ERD (need)
Tuition withdrawals must be for college attendance within what time period.
Within the next 12 months
What type of event is required before a client may request a rollover?
Distributable event (SOS, 59 1/2, or disability)
What is the IRS penalty for missing an RMD?
25%
Name one key difference between SWD and annuitization
Annuitization is permanent, but SWD can be stopped. SWD does not guarantee that income will last, but annuitization offers a life or period guarantee. During annuitization, NQDAs begin distributing a portion of cost basis right away.
All referrals on annuitized (payout) accounts are sent where?
Change Request / Inquiry