Security
"When was your last contribution?" - is this a valid enhanced security question?
No. A correct question would be "What was the last year you made a contribution?"
What plan is funded by after-tax wages and is tax-free if distributed after 5 years and age 59 1/?
Roth
A client may add a PO Box but must keep a physical address on file. Where does the confirmation go?
Old address
Which plan type allows unforeseeable emergency withdrawals and does not have a 10% early withdrawal penalty?
457
To access the website, what role should the client choose?
Plan Participant
How many enhanced security questions must a client get right?
55
What may never be sent by email?
Anything containing account information (statements, tax forms, copies of documents)
Whose contributions are always non-elective and might be matching?
The employer's
Where on VOL would a client go to view and print a loan agreement?
Pending Transactions
How may we help a client who can't remember their password?
Name 3 hardship withdrawal reasons
Medical expenses, higher education expenses, funeral for a child / dependent / spouse, and purchase or repair of the primary residence
On an annuitized account, which two referrals are required for notice of death?
Death Claim Inquiry, Change Request / Inquiry
Name 2 types of vesting
Cliff, phased/graded, IPPR
Name a form which must be generated for a specific account?
Rollover/Transfer form, loan application
If a client does not enter information on the automated line, what basic security questions must they answer?
Name, SS#, DOB
What is the default tax withholding for Non-ERDs and individual accounts, if the client does not opt out?
10%
Any annuity might offer income for life. What would make it a "Variable" annuity?
A variable annuity includes market investments that may fluctuate in value.
What is the New York law that requires a comparison of accounts when an annuity is replacing another annuity, mutual fund or life policy?
Regulation 60
A client who needs a statement showing a period that doesn't match our quarterly statements can create what report online?
Custom Portfolio Snapshot
What must an FA provide for security?
Name, FA#
When is an annuitized account subject to 20% withholding?
When a client surrenders and takes the commuted value.
When you suspect fraud, what two things should you do?
Send a referral and an email
Which type of beneficiary can roll the death benefit into a personal IRA?
Spouse
Name 4 things that can be done online, if allowed
Changes to contact information, beneficiaries, investments, contributions, EFT, one-time withdrawals, loans