COMPANY CONTRIBUTIONS
What are the 401k Contribution percentages (Min for a match and Max limits)?
4% min for match, up to 50% max for contributions to the plan, and cannot exceed 90% overall in total contributions.
What are the two types of loans?
Primary Residence and General Purpose Loan.
What is a conversion?
Converting after tax nonroth or pretax dollars thats vested to Roth dollars within the 401k plan
What is the difference between fund reallocation and pooled fund transfer?
Fund reallocation is creating a new mix for the current monies or current/future monies to investments.
Pooled fund transfer is moving current investments to another investments.
When is the 1099r form sent out for 2023?
Feb 2024
How is the company match amount decided for participants?
dollar for dollar of their contributions, maximizing to the limit of 4% or 5% of participants eligible pay.
What is expected of a general purpose loan?
Payment and promissory note.
When is age 59.5 withdrawal used?
An ACTIVE, PPt age 59.5+ , and when transaction with before tax or start after tax dollars.
What is the difference between 0% and 100% for dividend election change?
0.00 is default reinvest in the plan
100.00 is a taxable check sent to ppt.
What is a 402g refund? What is a 415 refund?
402g refund is overcontributing towards the IRS limit of 22,500 of roth and/or pretax and needs a refund of overcontribution.
415 refund is overcontribution towards the IRS limit of 66,000, and the excess contributions of after tax NR will be refunded.
What is Eligible Pay? What is the Eligible Pay limit for 2023?
Eligible pay is your total income from Morgan Stanley for a calendar year (base pay, overtime, vacation pay, commissions, etc.); The pay limit is 330,000.
What are 2 documents needed for PR loan?
Home Purchase agreement, Builder's construction contract , and Intent-to-purchase agreement (also known as Good Faith Estimate)
When participant has after tax dollars in plan and is terminated what do we need to advice to ppt?
After tax and pretax are in the same withdrawal event. The after tax can be separated from its earnings and sent to you as a check or it can be combined with earnings and your pre tax contributions and rolled over.
How do we view the history of investment election change in TBA?
TBA Cust Account - DC Inquiry - Elections - Investment Election change.
What is taxation for RMD? Withdrawal? And Hardships?
10% or no withholding for RMD, 10% or no withholding for hardship, 20% withdrawals
What are at least 2 types of company contributions a participant might receive?
Fixed Contributions, Morgan Stanley Transition Contributions
What is the difference between loan and hardship withdrawal?
Loan is borrowing from the plan, not taxed unless loan is not paid back.
Hardship withdrawal from the plan with approved documentation.
What population can perform a conversion?
All participants if have eligible dollars to convert.
How do we view contributions rates in tba?
Savings at a glance panel OR Tba cut account - dc inquiries - elections - contribution rates
What occasions are payment rights notice read?
Hardship withdrawals, Conversions, withdrawals/Rollovers
What type of dollars are matched by the company? What type of dollar is the company match that's deposited? What limit is the type of dollars that are matched called? What is the dollar amount that the IRS limit goes up to for 2023?
What is a default loan? What is a foreclosed loan?
Default loan is an active employee needs to pay off loan in full and will be sent a 1099r form. Will not fall off the plan until separate employment.
Foreclosed loan is a taxed loan for the outstanding amount and will fall off plan once forceclosed.
ACTIVE employees.
What is needed for the domain team to process a rollover into the plan?
Rollover contribution form, check, and/or distribution state (roth dollars)
What is visible through balance matrix?
History of dollars held into the plan, earnings, contributions, closing balance, opening balance, conversions.