Payment Methods
If you only claim one person, namely yourself, that’s this.
What is a Single Life Annuity?
These are subject to federal and state taxes.
What are distributions?
An IRA is something that a 401K can rollover into. This is what IRA stands for.
What is an individual retirement account?
I use this to pull up just about every piece of info on a client/project.
What is OneNote?
This allows qualified retirement plans to provide higher-paid people with greater benefit.
What is integration?
Retirement Income involves these 3 things. Psst! Look at the name.
What are the retirement plan, personal assets, and Social Security?
When the participant dies with a QJSA then the spouse gets this much.
What is at least 50%?
If the distribution is this then there is no federal income tax applied.
What is an annuity?
An annuity that is for the participant and someone else is called a QJSA or this.
What is a Qualified Joint and Survivor Annuity?
If nothing else is needed on a case when you put notes, you select this.
What is One & Done?
This is the total amount of a participant’s benefit earned to date.
What is accrued benefit?
Employers are moving from a pension to 401K or also known as these.
What are Defined Benefit and Defined Contribution?
Under the SLA once the participant dies, this happens.
What is the benefits stop?
If there is a lump sum, then this percent of federal income tax is withheld.
What is 20%?
A JSA or Joint and Survivor Annuity is also known as a CA or this.
What is a contingent annuity?
This program is an extension of the phone on your computer.
What is the Agent Desktop?
The average for the number of the highest paid years with the plan sponsor.
What is the Final Average Pay?
There are 5 reasons to sponsor a qualified plan. Please give 3 of them.
What are remain competitive/attract & retain employees/increase total compensation package/tax advantages/reward employees?
Participants can waive this and elect an option form instead.
What is the normal form of payment?
There are 2 methods to accomplish a rollover. Give me both.
What are the participant take a receipt and it’s direct?
A C&L is known as this annuity. Don’t forgot the first letter unseen.
What is a Period Certain & Life Annuity?
We should always do this if the call needs to go somewhere else.
What is warm transfer?
When a plan offers other forms of payment in addition to what’s required, the value of all the benefits is equal to the SLA. Otherwise known as this.
What is actuarial equivalent?
The amount of an employer’s annual contribution determined by an actuary is called this.
What is a benefit formula?
This is not required if we can’t locate them or the participant has been legally separated.
What is spousal consent?
This is how long a participant has to rollover the distribution into another qualified account.
What is 60 days?
COLA and not Coca-Cola® is an acronym for this.
What is the cost of living adjustment?
We can do so much in Tasknet, but this is the one thing you can’t do.
What is change/delete notes?
This method of payment is the most common outside of rollover.
What is a lump sum?
This is lesser of either $225,000 prior to age 62 for less than 10 years of service or 100% of the average earnings for the 3 highest consecutive years of pay.
What is the maximum annual benefit?