CSET down
What does CSET stand for and give a brief definition
Contribution sets; they are the statements we receive of employer and ppt contributions toward their 401(k) plan
Qualified Domestic Relationship Order; a court ordered garnishing of a divorcee's retirement plan to fulfill mandated child support, alimony or prior spousal property payments
Which plans are subject to ADP and Top Heavy testing?
Traditional 401(k) plans (non Safe Harbor)
Where can we access a ppt' s fee disclosure document?
Internal; Plan Docs
PPT dashboard; docs
True or False: a contractor is eligible so long as they work full-time hours for a company
False
What does the "accepted" stage of the CSET lifecycle entail (i.e. where is it at, what is happening here)
Wayforth (our recordkeeper) has received and accepted the CSET and double checked it and now it will be heading to Matrix (our custodial bank)
Which systems does an Automated/1-click forceout use?
Wayforth and Nexus
An HCE is...(please outline the parameters)
a Highly Compensated Employee who:
A) earns more than $160,000 and/or
B) owns more than 5% of the company
C) owns more than 1% of the company and makes more than $230,000
The standard monthly AUM fees for a new plan that does not have employer coverage of fees and it has not been negotiated via sales (note some plans will have an increase in October 2025)
0.06%
What is true of interns and their eligibility?
they are not eligible for 401(k) plans if they are not employed at a company; their hire date or eligibility date is whenever they switch from intern to employee
A CSET is missing from a plan that you checked has Automated Payroll; what is your next step?
send a case to leadership to file a PEN ticket to product
Who do we send forced out participants to when they have not received any info about their rollover after the 45 day processing period?
Support@iracustomercare.com. 855-610-5686
IRA Logix/Matrix
This compliance test compares the average salary deferral percentages of HCEs to that of NHCEs.
What is ADP
How would you walk a ppt through updating their allocations?
Ppt dashboard--> portfolio --> update portfolio (make sure they all add up to 100)--> check if they want this to apply to past and future or just future allocations
True or False: part time employees are always excluded from 401(k) eligibility
short answer: false (especially if they are long-term, part-time employees)
Which situations warrant filing a "stuck CSET" Jira ticket
when checking the events in internal you notice that a CSET either has not changed statuses in over 72 hrs or the entire process is taking longer than 7 business days; or if they receive a discrepancy alert mentioning that the contribution has not finalized processing and it is outside of the timeframe
For our 3(16) HI plans what services do we provide when it comes to QDROs
we act as the admin and sign their QDROs via the Compliance team
How would one locate if an HCE was issued a refund due to failed ADP?
Search the plan name in Jira
Why might a ppt experience a negative value with a positive rate of return?
depending on market fluctuations and when they are rolling over money into their account as well as how much it is there can be variations in what they see and understand. In this case money was deposited and market was doing well, more money was deposited and market performed poorly but not so poorly that it canceled out prior good performance.
What happens to an employee's eligibility when they go from a 1099 contractor to W2?
they are considered eligible and their "hire date" is the date they transition from contractor to W2
A ppt reaches out about a CSET discrepancy, you investigate and find that the plan's payroll is DIY and that the ppt's rate changes were requested over 2 pay cycles ago, what is your next step?
submit a case to CAM/Admin team for them to contact the plan admin
In which instance will a forced out ppt receive a cash distribution/check?
When their plan was not 1-click/automated and they had less than $1000 vested
Explain what is included in the Summary Annual Report's form 5500 that ppts receive as part of EOY
The purpose of the SAR is to summarize important information from the Form 5500 and remind ppts of their rights.
Which fiduciary status does a plan need to have in order to add and remove custom funds?
3(21)
a ppt has recently been rehired to a company with a plan that had a 12 month service requirement for eligibility. The ppt was hired 01/20/24 and terminated 02/03/25. They were rehired 03/10/25. They were not enrolled in the 401(k) for their company before being terminated; can they enroll once rehired?
short answer; yes