Payments & Taxes
The automatic form of pmt for someone who is single and someone who is married.
If you are not married when you begin receiving your benefit, the standard form of payment is the Single Life Annuity.
If you are married when you begin receiving payments, the automatic payment method is 50% J&S or 100% joint and survivor annuity.
The online tool to refer someone to so they can get more info on the pension plan
My HR online
If a teammate is overseas, a foreign notary is NOT acceptable.
TRUE - if a teammate is overseas, a foreign notary is not acceptable. SunTrust will only accept if they use a U.S. notary. Teammates should be advised that a U.S. notary is available at American Embassies.
The difference between the pre-retirement & post-retirement beneficiary.
Pre-retirement beneficiary is the designated individual identified prior to the commencement of the pension benefit.
Post-retirement beneficiary is designated upon benefit commencement.
The annual mailing sent each year in the month of April
The Annual Funding notice
Making a change to the payment election once an option has been made
Once a benefit has been elected and processed, the benefit CANNOT be changed.
The two types of pension accounts someone can have.
The Traditional Suntrust retirement plan and the personal pension account.
If you have both pension plans, they must be taken at the same time.
FALSE - You do not have to take payment from both pension plans at one time. You can elect to defer one or both of the pension plans up to age 65.
The beneficiary designation for someone who is Single
Anyone can be named
The changes that a participant can make once they start receiving their payments.
Updates to state & federal taxes and Direct Deposit.
The tax implications for a LS cash distribution
Lump sum payments paid directly to the TM will have a manditory 20% Federal Withholding and possible 10% Early Withdrawal penalty if take before age 59 1/2.
Prior to December 31, 2011, the requirements to be eligible to participate in the SunTrust Retirement Plan
A full-time, part-time, on-call, temporary or prime-time employee of SunTrust or one of its affiliates that participates in this Plan, and
You completed one year of eligibility service.
A single participant can name anyone, of any age as a beneficiary.
TRUE - the beneficiary can be anyone of any age for a Single participant.
NOTE:
If married - a spousal consent would be required. HOWEVER - 100% J&S annuity is not available to a non spouse beneficiary who is 10 or more years younger than the participant.
This is created when the surviving spouse or beneficiaries contact my HR to report the death of a participant.
A Death Start, the death info filters to all other depts as well.
The amount of days a participant must allow before contacting my HR for a Stop & Reissue affidavit.
After the tenth business day
Explain the difference between Single Life Annuity & Certain and Life Annuity
SLA benefit ends with the passing of the Teammate and no further benefit is paid. The Certain and Life Annuity will pay a benefit to a Joint Annuitant for up to the Certain period. (10 or 20 Years) - The benefit will continue, even after the certain period, until the teammate's death. If the teammate passes prior to the certain end, the named beneficiary will receive the remaining payments to the end of the period.
The process for handling someone who has a SERP Executive Pay and DB Excess Plan.
Advise teammates to EMAIL:
Social Security Adjustment can be taken if older than age 62 at the time of retirement.
FALSE - Social Security Adjustment can be taken if UNDER age 62 at the time of retirement.
The result of reporting a death of a participant to Suntrust
Reporting the death of participant allows SunTrust to stop retirement plan payments for the participant and either transfer those pension payments into the name of the surviving spouse or other beneficiary
The amount of time to receive the terminated vested kit.
Approximately 45-60 days after your last date of employment.
The annuity pmt option that is taxable
All annuity pmts are taxable income
The date in which someone begins to receive service credit toward eligibility and vesting in the retirement plan benefit
From the date of hire with Suntrust
If a qualified LS rollover payment was elected, no 1099-R will be mailed.
FALSE - Participants who took a qualified lump sum rollover will still receive a 1099-R but the distribution will be coded as non-taxable
The pre-retirement benefit that is paid if there is NO beneficiary form on file with my HR at the time of death.
The pre-retirement survivor benefit will be paid to your surviving spouse and if you have no spouse, to your descendants per stirpes (that is, one share to each of your surviving children and one share to the surviving descendants of each of your children who has predeceased you), and if you have no surviving spouse or other descendants, to your estate.
The result of being rehired full time with Suntrust once a participant starts to receive pension benefits.
The benefits will stop and will resume once you leave Suntrust again.