Phone Etiquette
Asking the caller to repeat when not necessary is NOT this.
What is actively listening?
In order to ‘measure up’ as a qualified plan it must meet this law.
What is the IRC?
SPD stands for this document.
What is Summary Plan Description?
The employer is known as the plan this.
What is the plan sponsor?
This is the non-forfeitable right to receive a retirement benefit.
What is vesting?
If you are still working for the employer, then you would get this distribution.
What is an in-service distribution?
You must always ask to do this before you actually do it.
What is put the caller/customer on hold?
The IRC or ‘the Code’ is also known as this.
What is the Internal Revenue Code?
SLA is a payment method for a Defined Benefit known as this.
What is a Single Life Annuity?
You can ‘bank’ on this. I hold your assets regarding your plan.
What is a trust?
The company must credit with the actual number of hours in this method.
What is the Hours of Service method?
If you aren’t vested, then this happens.
What is you get nothing?
Outside of resolving the call, this is one of the last things to do.
What is ask if there is anything, we/I can assist with?
ERISA is known for doing this.
What is protect participants’ and beneficiaries’ rights?
A QDRO can be found in the divorce decree and known as this.
What is a Qualified Domestic Relations Order?
I’m eligible and covered in the plan. So, I must be this.
Who is the plan participant?
Instead of the actual number of hours, I have a set number based on period of employment.
What is the Equivalency Method?
In order to get a QPSA, the participant must be married this long.
What is at least 1 year?
Sympathy and empathy are ways to express putting yourself here.
Where is the caller’s/customer’s shoes?
One item the IRC requires is the length of service to be eligible. Name another requirement.
What is how plans need to funded/methods of distributing benefits/how benefits will be taxed?
PBGC stands for this.
What is Pension Benefit Guaranty Corporation?
I do the day-to-day affairs for the benefit plan.
What is the plan administrator?
This method covers from the date of hire through the date of separation.
What is the Elapsed Time Method?
There are 6 types of vested distributions. Please list 3.
What are normal/early/late/disability/death/termination?
These are the 5 steps in the call process.
What are greet the caller, actively listen, control the call, resolve the issue, and close the call?
PPA requires companies to be this.
What is more transparent?
QPSA stands for this. Don’t overthink it and remember QJSA.
What is Qualified Pre-retirement Survivor Annuity?
This says how the entire thing fits together.
What is the plan document?
This happens when less than 501 hours are credited in 1 year.
What is a Break in Service?
When a participant terminates employment or retires a plan then this will happen.
What is an Involuntary Cash Out?