SDBA
If John has three SDBA accounts, two for his pre-tax contributions and one for his Roth contributions, how many columns on the plans total tab does John’s information need?
2
What tab/tabs should be completed on our trust accounting template with a client provided income statement/balance sheet? (list all 5)
Start here, Billable time, Financial Report, 5500SF, List of Investments
Who is responsible for doing the comparison of billable hours from prior years trust account to current years trust account.
The Trust Analyst completing the TA.
If a participant has an other investment, which has fees as part of the activity, what must be done with these fees on the plan totals tab.
When do we report a deemed distribution of loans on the financial report?
In plan year the 1099 is issued.
Where in Axis should you check to see if a plan is Goldleaf or not.
the Acquistion Company on the Overview tab.
When should you do a per account on an SDBA plan with YTD information. (Give 3 reasons.)
If the contribution recon is not reasonable.
If the participant has a loan
If the participant has more than one brokerage account.
Which asset(s) trigger a schedule I?
July 15th
What do you do if an ineligible participant makes deferral contributions during the year?
Set up as liability to be removed.
If a client makes an extra payroll deposit for a participant, and then removes it, how do you show this transaction on the plan totals/ per account?
Net into contributions.
Should Top Heavy Minimum contributions have their own source column on the contribution recon tab?
No
What do you do if an ineligible participant has ER contributions made during the year?
When prior year TA showed carry forward contribution, but they don't use it in the current year. How do you report it in current year.
You don't. You leave a carry forward processing note.
Where can the template for the Hold Harmless letter be found?
Process and Procedures, Other Investment