Payments
At the present time, what payments allow for a direct deposit without escalation?
Hardship withdrawals.
$19000.00
What is the contribution limit for 2019.
5 business days and 10 business days
What is the processing time for hardship withdrawals for a) Safe Harbor guidelines, and b) facts and circumstances.
$100.00
What is the loan fee for each loan.
This is the vesting period.
What is two years (cliff)?
If a transaction is processed at 4pm ET on a Thursday, when will the check mail (assume two non-holiday weeks).
What is Tuesday evening
Anytime during the year the TM turns 50
When are TMs eligible for catch-up contributions
What money type is available for a withdrawal prior to age 59 1/2?
What is rollover in.
$1000.00
What is the minimum loan amount?
First of the second month after date of hire
When is when the TM becomes eligible to participate in the 401k plan?
Stop and reissue timing
What is request after 10 business days?
Mid-March
When discretionary contributions are paid
When and how often can a TM over 59 1/2 take a withdrawal?
Monthly pay dates for direct debit
What are the 10th and 25th of the month.
Prime time, part time and full time employees
Who are some of the groups of employees who are eligible for the 401k?
1st of the month.
When installment payments are dated.
Why would a TM choose a Roth contribution over a pre-tax contribution?
Because his tax liability may be lower now than it will be nearer to retirement which will save him money.
This is a way to send rollover payments electronically. What three things are important in this process?
1. What is advising of the $50 fee per account?
2. What is the wire transfer form must be preapproved prior to the distribution?
3. What is that we do not advise how to fill out the form?
Three pieces of documentation needed for a home loan.
What are...
1. Signed good faith estimate.
2. Signed purchase contract.
3. Signed contractor agreement.
What are three things to know about an MRD?
What are...
1. Not eligible for rollover
2. Required in the calendar year in which the TM turns 70 1/2
3. Taxed at married with 3 allowances as a default
If TM chooses three rollovers, each containing Roth and pre-tax dollars and gives the wrong information on how to make the checks payable, how much will they have to pay to reissue the checks?
What is $300
Explain how a true up is calculated and applied
After last pay check of the year, client takes 6% (if TM contributed 6% in pre-tax or Roth funds) of the entire year's eligible pay and compares it to company match already received. If the yearly calculation is higher, a true up is paid typically in the first week of the new year.
Safe Harbor guidelines
What are...
1. Funeral expenses
2. Tuition for post-secondary education
3. Unpaid medical bills
4. Eviction or foreclosure prevention
5. Damage to home from natural disasters
6. Purchase of primary residence
Name 5 important pieces of information the TM needs when paying off a loan early
1. The loan balance
2. What type of check is allowed
3. Where to mail the check
4. What to write on the check including memo information and how to make it payable
5. Timing of the process
TM is married to Stuart and has two children (Julie and Jeanne) when she fills out the beneficiary form. Several years later when she dies, both her children and husband are also deceased. Who gets her 401k?
Per Knova 17379, her estate.