Legislative/Technical
Fiduciary
Participant
Department of Labor
Wildcard
100
Effective Date of January 1, 2012
What is 408(b)(2)
100
3(38)
What is a discretionary, full scope fiduciary.
100
Working
What is the "New Retirement"?
100
Failure to have an ERISA Bond
What is the number one audit violation for plans with less than $250k in assets
100
1766
What is the date the Homestead originally opened for business
200
A defined benefit retirement plan that maintains hypothetical individual employee accounts like a defined contribution plan.
What is a cash balance plan
200
$100 per day per failure if this does not occur 30 -60 days prior to an asset transition. Criminal penalties may apply.
What is the Sarbanes Oxley (blackout notice)
200
Only 12% of Americans know that this program is available. If you are married, filing jointly, the income limit is $56,500.
What is the Tax Saver's Credit. Single Limit = $28,250 Head of Household = $42,375
200
Late remittance of contributions
What is the number one audit violation for plans over $250k
200
A retirement plan for businesses that typically have a common interest, but are not commonly owned or affiliated.
What is a Multiple Employer Plan
300
A retirement plan for businesses that typically have a common interest, but are not commonly owned or affiliated
What is a Multiple Employer Plan
300
This is the website that plan sponsors upload their annual 5500 (wonderful prospecting tool!)
What is www.efast.dol.gov/
300
Aa generation of Americans born after 1978
What is the Echo Boomers
300
994 Newly Hired in 2010
What is the number of auditors hired iby the DOL in an effort to increase the volume of qualified retirement plan audits.
300
Rasberry Vodka, Tonic with a twist of lime
What is newly classified as a "Cooper"
400
1974
What is the year ERISA was signed into law.
400
* Acting solely in the interest of plan participants and beneficiaries and with the exclusive purpose of providing benefits to them; * Carrying out duties prudently; * Following the plan documents (unless inconsistent with ERISA); * Diversifying plan investments; and * Paying only reasonable plan expenses
What are the duties of a Fiduciary.
400
A Senate bill with bi-partisan support recently introduced to minimize the leakage from 401(k) plans occurring as a result of plan loans and hardship withdrawals
What is the Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011 or the SEAL 401(k) Savings Act. If passed the bill would: 1. Extend the time an employee has between their 2. termination date and the loan default date (until their tax return is due) 3. Limit the number of loans to 3. 4. No suspension of deferrals after a hardship withdrawal 5. Prohibit loan debit cards in qualified retirement plans
400
$1.03B in additional US revenue
The amount of monetary fines collected by the DOL EBSA in 2010 for qualified plan violations.
400
August 14, 1935
What is date FDR signed The Social Security Act. Taxes were collected for the 1st time in January 1937. Regular monthly benefits started in January, 1940. Ernest Ackerman received the first benefit which was a lump sum payment of 17 Cents in January, 1937.
500
The principal issue in the historic court case was whether a plan participant could sue a plan administrator to recover losses that did not affect all or a large number of plan participants.
What is LaRue v. DeWolff, Boberg & Associates
500
In this amnesty program sponsored by the IRS, fines are based on the number of participants in the plan.
What is the Voluntary Correction Program (VCP)
500
$6.6 Trillion
What is the gap between what Americans have saved and what they will actually need in retirement.
500
97 potential orange suits....
What is the number of criminal convictions in 2010 resulting from DOL EBSA civil prosecutions.
500
22 US Presidents
What is the number of US Presidents that have visited the historic Homestead resort.
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