DB Plans
What form can be used to verify the contributions in a DB plan?
What is the Schedule SB.
What investment plan type is it permissible to break out the forfeiture accounts separately on the Financial Report tab?
What are Allocated Plans
What is the difference between PEP and MEP plans?
MEP - Companies with Common Interest (plumbers). PEP – Unrelated companies with no common interest.
What section can the Axis Interim Report Case procedures be found in DPS?
The processing / other process & support / Special services section
For DB/CB plans with assets at a recordkeeper, the recordkeeper should appear twice in Axis: once as Recordkeeper and once as this.
What is Pooled
Why is it required to hide the transfer tab when not in use?
As to not provide sample information to the compliance team.
Where in Axis can you determine if a plan is a PEP or MEP and find the participating or associated plans?
- Plan overview MEP/PEP indicator
- CG/ASG Overview - Controlled group and Affiliated Service Group
How many complexity points require a plan to be sent through QAP?
What are 5
When a DB plan terminates and has over funding that transfers to the DC plan, how many years do they have to use the money to fund contributions?
What is 7 years.
On a brokerage statement, when is a “distribution” not considered a benefits payment? List 2 reasons.
Capital gain distribution, limited partnership distributions.
When a plan has allocated/vendor assets and other investments like life insurance or LLPs, where and how should these other assets be added in the template, so they are reflected in the Plan Totals?
What is by adding SDBA/ Pooled in the Start Here tab, the amount should not be shown in the allocated column of the Plan Totals
When handling deemed loans in a trust accounting case, what must you do in Axis to report the deemed loan event?
What is create a note under Distributions titled “Deemed Loans” and include the participant’s name and outstanding loan amount (only one note needed for the entire plan)?
(for DB Plans) When clients make deposits to reimburse fees into the plan, where do they go on the per account tab, the Financial Report tab and the 5500 tab?
- Per account (Other deposits), Financial Report (Add new row for Fee Reimbursement), 5500 Tab (Link to Other/ Rollover)
In a Master Flow Thru account- The distribution/ distribution transfer column on the per account does not net to zero, what are the 2 reasons why?
What are forfeiture, and Distribution Payables
For Invesco plans (Vendor) in Axis, what should you select in the Vendor tab, and what is the reason this selection is required?
What is select “Pooled” in the Vendor tab because Invesco does not provide an allocated link, requiring Compliance to manually enter the data as a workaround
These are the assets that trigger a Schedule
What is All Other Investments, apart from Life Insurance and Annuities (Notes/Deeds, Real Estate, RE Mtg Liability, Limited Partnerships, or Outside Stocks and/or Collectibles)
Provide 3 examples of Admin Fees and 3 examples of All Other Fees.
See spreadsheet
If an accrual only participant does not open an SDBA account in the subsequent year, what is the 3-step process for handling their accruals?
What is show a transfer in the income and expense section (on the plan totals) from the participants SDBA account to the Master/Pooled account, adjust the receivable on the contributions recon tab, and leave a yellow section note to compliance to correct the admin system.
On the allocated tab, when you get deposits into the expense account how are these categorized? Then, how are these shown on the plan totals tab.
On the allocated tab, these are shown as revenue sharing deposits and manually linked to the plan totals tab (other investments row or insert a new row) and label Expense account deposits. (this is found in the Empower allocated training folder)
If a participant with a $150,000 vested balance, takes a $40,000 loan, and pays off the loan in 6 months. Assuming they have taken no other distributions, what is the maximum loan they can take immediately after paying off the initial loan.
$10,000