Is that allowed?
These are the common triggering events a client is eligible to use in order to initiate a rollover from their employer plan.
What are, Separation from Service, Disability, Death, Divorce/QDRO, Plan Termination, and Birth or Adoption (up to $5000 per parent)?
This is the age attained by a client that begins the RMD requirement.
What is 73?
This client facing brochure is required to be discussed and provided prior to the FA making a recommendation in the Propose & Document tool.
What is the Evaluating your Options Brochure/Conversation?
This tax form is issued by the delivering side of an ERP Rollover, and captures the distribution taken.
What is the 1099-R?
This 2000s Ridley Scott directed movie follows the character Maximus (portrayed by Russell Crowe) on a journey of revenge in Rome.
What is Gladiator?
A client can rollover Pre-tax dollars from their employer plan to these types of IRAs without causing a tax consequence.
What are Traditional, SEP, and SIMPLE IRAs? (SIMPLE IRAs must meet the 2 year holding period role prior to accepting a rollover)
These are the Beneficiary Payout elections offered by an Employer Plan.
What are; Rollover to an IRA, Lump Sum Payout, 5 or 10 payout, or Single Life Expectancy (SLE)?
This type of Rollover summary must be signed no later than 30 days following the deposit of a rollover.
What is an Unsolicited Rollover Summary?
This tax form is issued by a financial firm for an IRA only, and reports the reception of a Rollover, Contribution, or other reportable deposit into an IRA.
What is the 5498?
This artist released the 2001 album "The Blueprint," containing songs "Izzo (H.O.V.A)," "Renegade," and "Never Change."
Who is Jay-Z?
These types of distributions taken from an ERP due to unforeseen circumstances/expenses are ineligible to be rolled over to an IRA, and will be subject to taxation and/or penalty.
What are In-service Hardship Withdrawals? (Commonly referred to as Hardship Withdrawals)
These documents must be requested when a client has not already taken a distribution, and the FA plans to make a recommendation to complete a Rollover to Edward Jones.
What is an Outside Asset Statement issued within the last 3 months (90 days)(except for a scenario involving death or divorce), and a Fee Disclosure (if not attained, can be searched for in our database, or we will assume 0% fees are charged by the plan and will not be able to recommend based on fees)?
This document is used to initiate an Internal Rollover from a QP to an IRA, and is owned/serviced by the ESRP area of Retirement Services.
What is the Qualified Plan Distribution & Special Tax Notice?
A tax saving strategy that allows a client to distribute employer based assets, in-kind, directly from their employer plan to a non-retirement account. This strategy may be an option, but may not be suitable for all clients.
What is NUA? (Net Unrealized Appreciation)
This professional golfer completed the "Grand Slam," winning all of the PGA Major tournaments in a row between the years 2000 and 2001.
Who is Tiger Woods?
A provision offered by Employer Plans only, allows a client to take a distribution at this age, without incurring an early withdrawal penalty, and may be the cause of a recommendation against rolling over their employer plan if they need access to their funds in the near future.
What is the Age 55 Rule and Penalty Exception?
This is when a Rollover Recommendation is required to be signed by an existing client.
What is; before a rollover deposit is made, the Rollover summary must be signed and scanned into the client's account prior to the DOC ID becoming active and able to be selected for the deposit? (This document and signature confirms that the client and FA have discussed the necessary considerations for a rollover, but does not mean a client is committing to a rollover)
These types of withdrawals may be used to initiate a rollover if no other triggering event is available to a client, but are not guaranteed and often times have requirements that must be met first before they are eligible to be processed.
What is an In-service Non-Hardship Withdrawal? (Commonly referred to as In-Service Withdrawals)
This box of the 1099-R shows the distribution code the delivering firm is reporting to the IRS. (commonly a G or H for an ERP Rollover)
What is Box 7?
This 2000s Grammy Award winning music group is know for songs "Pump It," "I Gotta Feeling," and "Boom Boom Pow."
Who are the Black Eyed Peas?
These types of funds are eligible to rollover from a Roth ERP directly or indirectly to a Roth IRA without causing a tax consequence.
What is Roth Basis and Earnings?
A client can expect these conversations, requests, and outcomes to take place with their FA whenever a Rollover Recommendation is made.
What are; their options (take it, leave it, move it, roll it), a need to provide documentation for their plan, plan considerations (penalty free withdrawal options, NUA, creditor/litigation protection, Roth holding period requirements, cash flow needs, and anything else applicable to the client situation), and a recommendation document for a client to review and sign even if the FA states that it is not their best interest to complete a rollover at this time.
Banking and Asset Movement Center can be used to process a rollover in these scenarios.
What are; The delivering firm will accept our paperwork, the delivering firm does not have paperwork/a process to initiate a rollover, or for an in-kind rollover (if the other firm will accept our paperwork, commonly 403(b)s held at Mutual Fund Companies)?
An indirect rollover completed by a client is eligible to return the 20% mandatory tax withholding issued by the delivering side, and if done so, creates a (blank) on behalf of a client come tax time.
What is a Tax Credit?
This Hall of Fame Running Back was one of the pillars making up the "Greatest Show On Turf," and won the NFL MVP award in 2000.
Who is Marshall Faulk?