Plan Maintenance/SBOL
This intelledox interview can be used to update plan roles and plan info
Open or update a small business account
or
Add or remove access to a small business account
Maximum combined contribution amount for a 55 year old for tax year 2024
$76,500
The early withdrawal penalty for a participant under 59.5 who does not meet 2 years in the plan
25%
Sep multi accounts cannot be on this account platform
Brokerage (VBA)
What is the plan role with the authority to perform all transactions on a VRIP
The Trustee
The path on SBOL to find if a plan admin/authorized individual has small business online access
Plan administration > Plan Role Administration > (click clients name) > Small Business Online Access (Yes or No)
The type of employer contribution that secure 2.0 made allowable, but at this time Vanguard does not offer in its plan
Roth employer contributions
The two options a plan can have for how the plan calculates contributions to the account (Their choice affects the maximum contribution amounts
Employer Matching Contributions
Employer Non-Elective Contributions
The maximum ER contribution for 2024
$69,000
This person or organization creates tax forms for VRIP accounts
The client or their third party administrator
The two ways a plan admin or authorized individual can add a plan contact
On SBOL by clicking add or change plan roles
Through Open or update small business account intelledox
The online process a client must use to take a distribution from their I401k account
Remove Money From Your Retirement or Nonretirement Account intelledox
Common reasons a participant will show as ineligible
Participant has restrictions
Fund allocations do not equal 100%
Ineligible fund choice
Deadline for ER and individual contributions to this account
ER - business tax filing deadline plus extensions
Individual - The individuals tax filing deadline without extensions (Generally April 15th)
The intelledox interview used to roll money out of a VRIP into an IRA
Remove Money From Your Retirement or Nonretirement Account
These conditions must be met in order to cancel a pending EBT trade in SBOL
This is the form and requirement we need if an I401k participant wishes to designate someone other than their spouse as the beneficiary
Individual 401(k) Beneficiary Designation Form.
Must be signed by spouse and notarized
The way a client can move traditional IRA assets into a SIMPLE IRA internally if they meet the 2 year holding period requirement
An LOI from the client with:
Statement that its a transfer
Delivering and receiving account numbers
Ticker and amount of each holding to be moved
Signature of the account owner
How SEP multis make ER contributions online
How SEP singles make ER contributions online
On SBOL
On Vanguard.com
What is the ASF and way to avoid the ASF for VRIPs
VRIPs are not subject to the ASF
If a plan role who has authority to update bank info on SBOL encounters an error when doing so, this is the likely cause
Locked security questions
When we send out the 5500 report and the deadline for filing it
We send in mid-April
Deadline to file is the end of the 7th month following their plan year (July 31st if calendar year plan)
The account service fee per fund for SIMPLEs and the requirement to avoid the fee
$25 per fund
$50k in VQA
Rather than 25% of eligible compensation, self-employed individuals are limited to this percentage of net self-employed income for their maximum contribution
20%
This should be used to determine security requirements for cross registration exchanges in VRIPs and other SBS accounts
Mixed exchange article
(Small Business Retirement Plans Unlike Exchange Matrix)