Death Claims
How can a beneficiary's children receive their portion if the bene dies before a claim?
Per Stirpes designation made by the client
Where can a caller get help on a forced rollover?
Millennium Trust (Inspira)
Name 1 type of account that does not allow loans.
IRA, Roth IRA, NQDA
Name 3 people who can request an investment change.
Client, client’s POA/guardian/conservator, Person with Account Transaction Access, FA / FA Assistant
What is a court order which allows the client to transfer ownership of retirement funds to a spouse, child or dependent (alternate payee) due to divorce?
QDRO / Qualified Domestic Relations Order
What is it called when we send claim proceeds to the unclaimed funds division of the last known state of residence for the client or beneficiary?
Escheatment
What must we do if a client calls on a distribution that has not yet been processed?
Requalify (Distribution checklist)
How long do we hold personal check loan payments?
14-20 days
After removing $5000 or more from a fund, when can we deposit $5,000 or more back into that fund?
30 days (Round-trip Rule)
What is the penalty for not taking RMD on time?
25% (plus the client still has to take it and pay taxes)
What documentation do we need for a beneficiary name change?
Proof of the change (Marriage license, divorce decree, or SS confirmation of the change)
How long are forms good before they are considered stale-dated?
60 days
When do we send loan bills?
35 days before they’re due
What kind of fixed account sets the interest rate for 10 years and has an MVA if withdrawn before the term ends?
Multi-year Enhanced Fixed Option (MYEFO)
What is a 72t?
SWD with no early distribution penalty
Which Agilenet / AWD work type (code) contains all the claim documents and status?
DEATH_VSYS
Define these distribution codes: G0 and FR
G0 - the employer moved the whole plan to another firm; FR - Forfeiture (unvested money was returned to the employer)
List 2 reasons for a loan referral.
Emergency loan processing, Corrections to a loan, Payoff
What kind of investment strategy allows Ibbotson Associates to update the client’s investments as needed to suit the client’s risk tolerance and objectives?
GPS (Guided Portfolio Services)
On COL, what kind of distribution(s) can you request?
One-time distributions (process partials and complete forms online for partials or surrenders)
If there is no beneficiary on an account, who can file a claim?
The executor of the estate (may use a small estate affidavit if needed)
Name three pieces of information you must provide when giving a distribution status.
Check number, gross and net, where it was sent, date it was processed and advise mailed within 2 business days later.
When should you call the loan hotline?
To get the amount due for a default or double-bounced ACH
What investment vehicle allows the client to select from over 3200 funds at Charles Schwab?
PCRA - Personal Choice Retirement Account
Name a type of account that doesn’t get LAD letters.
Accounts on RMD or SWD, ERISA and 457 accounts, Inherited accounts or those with a claim pending, Mutual Funds