SEP IRA
SEP IRA stands for this
What is a Simplified Employee Pension Individual Retirement Account?
A participant would have to wait this many years from the date of first contribution to be able to roll over the SIMPLE IRA into any retirement account other than another SIMPLE IRA
What is 2 years?
A business does not have these if they have a SE401k plan at Fidelity
What are Employees?
This level of authority is not allowed to discuss a Non-Prototype Account unless they have another type of authority
Who is LBEN?
The number of times per calendar year portfolios can be reallocated in an account
What is two?
By default, employees must be at least this age to participate in a SEP IRA at Fidelity
What is age 21?
Congress created SIMPLEs so that small businesses could offer this feature that is available for 401ks.
What is employee deferral?
This is required to accompany a rollover check into the SE401K
What is Letter of acceptance from the PADM?
This party takes care of tax reporting and beneficiaries on a Non-Prototype Account
Who is the third party administrator?
The college plan that allows money to be moved between beneficiaries
What is an individual 529?
True or False: Employer contributions to a SEP IRA are immediately 100% vested
What is True?
This Fidelity feature is used by SIMPLE employers to send contributions to participants SIMPLE IRA accounts
What is Plan Manager?
Once the Plan reaches this amount the PADM will be required to file an annual 5500 form with the IRS
What is $250,000?
True or False:
Regional center reps can journal from one Non-Prototype Account to another Non-Prototype Account
What is True?
Journals within the same plan(Everything but the LBEN needs to match) are not considered distributions and can be processed over the phone for a trustee in ICP. Up to 38k 3rd party because LBENS don‘t match
Which 529 state plans does Fidelity manage?
NH, AZ, CT, DE, and MA
An employee must earn at least this amount in compensation during the year to qualify for participation
What is $750 (2025 limit)?
This command in FBSI is used to locate SIMPLE plan with the employer‘s TIN
What is FPLN?
If a Client terminates their SE401Kplan, how many months do they have to wait to open another one
What is 12 months?
True or False:
For a one time wire the trustee can start the request over the phone
What is True?
There is a special process where we open an Xtrac, then provide the Xtrac number and a fax number to the client. The client includes this information on the one-time withdrawal form and faxes the completed form back to us.
The consequences of using 529 funds for unqualified expenses
What is 10% penalty and income taxes on earnings?
SEP contributions can be made up until this date
What is the Employer's tax filing deadline plus extensions?
In August of this year, the Small Business Job Protection Act was passed to create the SIMPLEs.(It is also the year of the Atlanta Olympics)
When is 1996?
This needs to happen before a rollover occurs into a NEW SE401K
What is a contribution?
A contribution activates the plan?
This form is needed to add or change a trustee on the Non-Prototype account
What is the Trustee Certification Form?
A rep would send this ekit/form if a participant wants to transfer funds from their 529 to a Roth account
What is 529 withdrawal form/CDFE?