Plan Design
What would a plan with 60% of assets attributable to key employees cause?
Technology that will help employees balance their portfolios?
What is robo-advisor
This is done annually by the IRS
What is Nondiscriminatory testing
What kind of company-sponsored retirement plan does not require a match?
What is a 401k
Startup plans require what starting 2025?
What is Auto-enroll
An owner-only contribution that is spread to all employees evenly!
Pro-rata Profitsharing
What are the two profit sharing formulas HI offers?
What is Pro rata & New Comp
What is the 2024 max catch up contribution amount?
What is $30,500
What kind of company-sponsored retirement plan is contributed by the owner only
What is a SEP
An employee who makes over 155k a year
What is an HCE ( highly compensated employee)
This regulatory body is responsible for ensuring compliance with ERISA
What is the DOL
What does API stand for?
What is an Application Programming Interface
This key ERISA responsibility ensures that participants receive accurate benefit payment
What is fiduciary responsibility
Early withdrawals will cause this to participants
What is a 10% penalty
This kind of test compares average deferral percentages of NHCE to HCE
What is ACP/ADP testing
This plan design is exempt from certain compliance tests if conditions are met.
What is Safe Harbor
How many portfolio models does HI offer?
What is 20
The purpose of this document is to define investment objectives and Strategies
What is the Investment Policy Statement (IPS)
This type of retirement plan is not considered a qualified retirement plan under ERISA
What is Roth IRA
Besides saving for retirement, what is the main benefit of contributing to a 401k plan
What is Immediate tax deductions
A court order that instructs a retirement plan to pay a portion or all of a participant's benefits to a designated alternate payee
What is a Qualified Domestic Relations Order (QDRO)
When is the blackout typically lifted and assets settled?
Post-launch, after employees are allowed to enroll
This kind of retirement plan is a defined contribution plan
What is 403b (bonus question, what kind of non-profit can establish a 403b)
This kind of retirement plan has a termination deadline of November 2nd of each year
What is a Simple IRA
What does QACA stand for?
What is Qualified Automatic Contribution Arrangements