529 Foundations
This type of account is a tax-advantaged savings plan designed to help pay for future education costs.
What is a 529 plan?
These two forms generate alongside the client application in Step 5 of On-Platform 529 COB.
What are the Explanation of Investment 529 Plans form and the 529 Account Application?
All periodic orders for 529 allocations must be transferred to this team.
What is the Trading Desk?
This money form represents new money into an annuity that is not part of a tax-free exchange, IRA transfer, or qualified plan movement.
What is a contribution?
This type of exchange is a specific replacement involving a non-qualified annuity or life policy into an annuity.
What is a 1035 exchange?
529 plans are sponsored by this type of government entity, though clients do not have to live there to use the plan.
What is a state?
This section of the 529 Account Application must be edited by the rep to identify source of funding.
What is Step 3?
This form is used for inbound transfers from the three approved on-platform 529 vendors when transferring like-to-like in-kind.
What is the 529 Plan Account Transfer Form?
This money form is the like-to-like direct movement of funds, such as IRA to IRA.
What is a transfer?
For a 1035 exchange, funds must move this way between carriers to avoid tax issues.
What is directly from one carrier to another?
These three vendors are approved for on-platform 529s.
What are American Funds, ING, and John Hancock?
This office range is used when opening an off-platform 529 on the approved product list.
What is TQP?
This must be provided with inbound 529 transfers, regardless of whether the 529 transfer form or standard account transfer form is used.
What is a statement?
This money form applies when money moves from an employer plan or 403(b) into an IRA.
What is a rollover?
This order-entry option should be used to start a 1035 or insurance exchange order.
What is Insurance Exchange Only?
This is the only ABLE account provider currently approved.
What is American Funds?
This account type is selected for an off-platform 529 in COB.
What is 529 Direct to Fund?
If an American Funds CollegeAmerica 529 is held at Charles Schwab, the client must first ask Schwab to transfer the shares here before the 529 in-kind transfer form can be used.
What is back to the sponsor, American Funds?
When funding from a qualified Pershing brokerage account, this party monitors whether cash is available and cleared.
Who is Pershing?
Amount of annuity orders to be completed during client onboarding.
What is one?
Starting in 2024, certain qualifying 529 distributions may be rolled into this type of retirement account tax-free over the beneficiary’s lifetime, subject to IRS rules.
What is a Roth IRA?
If an off-platform 529 is already established at the carrier, this broker-dealer-related action must occur before the account is linked at PAWM.
What is completing the Change of Broker Dealer on Single Account Registration Form?
For inbound transfers from sponsors other than American Funds, ING, or John Hancock, assets must do this before coming to Park Avenue.
What is liquidate prior to transfer?
If a physical check is made payable to the carrier or a wire is sent directly to the carrier from a third-party institution, this payment method should be selected.
What is Check or Wire sent directly to Carrier outside of Pershing?
A CSR may edit the annuity amount only when the money method is Qualified Pershing Account or Pershing Brokerage Account and the change is no more than this threshold.
What is 10% of the annuity purchase or $10,000, whichever is lower?