Distributions 1
Does the surviving spouse who is completing a beneficiary distribution have the option to roll over the funds to an IRA?
Yes
No
It Depends
What is yes?
Which of these qualifies a participant for a hardship?
Yacht Repairs
Funeral Expenses
Vacation Expense
What is funeral expenses?
Does a participant have to be employed with the worksite and the PEO to do an in-plan Roth conversion?
Yes
No
It Depends
What is yes?
In general, what is the maximum amount, if available, that a participant can borrow for a loan?
$50,000
$25,000
$100,000
What is $50,000?
In what situation is it necessary to provide a participant with a Rollover into Slavic Form?
They want to bring funds from a prior employer 401k to Slavic
They ar echanging investment options
They are getting a promotion
What is they want to bring funds from a prior employer 401k to Slavic?
A participant will receive a 1099R for all of the following EXCEPT
Rollover into Slavic
In-Service Distribution
Termination Distribution
What is rollover into Slavic?
What document would a participant provide if they have over-contributed to their plan?
Last Bank Statement
Next Bank Statement
W-2
What is W-2?
What is the minimum balance a participant must have to qualify for the minimum loan amount?
$5,000
$2,000
$1,000
What is $2,000?
For an in-service distribution, all of the following are true EXCEPT
Participant must be at least 59 1/2
Participant must be terminated from employer
Participant must be actively employed
What is participant must be terminated from eployer.
What happens to an active loan if a participant is terminated and a distribution to self?
The loan will be reinstated once the account closes
The loan payments are reduced
The loan automatically defaults and the balance is taxed.
What is the loan automatically defaults and the balance is taxed?
If a participant does an indirect rollover, who is the check made payable to?
Slavic 401k
Participant
Fidelity
What is the participant?
What is the standard amount we withhold for federal taxes?
15%
20%
30%
What is 20%?
If a participant is terminated from the In Zen Outs Yoga Studio and now works for Wine Down Yoga Den, both who use Vensure, can they take a Termination Distribution from In Zen Outs?
Yes
No
It Depends
What is no?
Wat are the 2 paying agents of which 1 will need assistance to provide a status?
Mid-Atlantic and Ocean Pacific
Fidelity and Ocean Pacific
Mid-Atlantic and Fidelity
What is Mid-Atlantic and Fidelity?
What is the Rule of 55?
Participant will not be penalized 10% if employment ends at age 55 or older
Participant will receive a 30% penalty
Participant will not have to pay federal taxes
What is participant will not be penalized 10% if employment ends at age 55 or older?
What is the processing timeframe for distribution requests?
3 to 5 business days
7 to 10 business days
10 to 15 business days
What is 7 to 10 business days?