FYI Friday
When do you use the naming convention: 12345_Trust_Reconciliation_Final_mm.dd.yyyy
When a plan term has assets at zero
When no statements have been received, do you set up/ start the trust accounting?
No, create the missing statement spreadsheet, update prework plan list.
This is the maximum loan term unless the loan is taken to pay a mortgage.
What is 5 years
When do you use the naming convention: 12345_Trust_Reconciliation_Interim_mm.dd.yyyy
When a plan termination needs to obtain participant balances for distributions.
True or False: While doing prework we are to review and update Vendor screen?
True
What type of plan (DB or DC) is a Money Purchase Pension Plan?
What is DC
When sending an email about a plan, what 2 things must be included every time?
Future Plan ID and Case Number
What comment is needed in Time Tracker for time entered?
Pre-work
For DB Vendor plans (John Hancock) what tab do you use to reconcile the activity.
What is the per account tab.
A loan can not be deemed until we proof of what?
The 1099R
What is the naming convention for the missing statement spreadsheet?
12345_Trust_Missing Statements_mm.dd.yyyy
What four transactions must be manually linked from the Mutual Fund Tab to the Plan Totals Tab?
What is: Fees, Distributions, Rollovers and “Other Activity” (outside transfers)
Fees can never be listed as a negative on the 5500. If there is a fee credit that is more than the fees, you must show this amount as what?
What is Income
How do you report an error in the naming convention for statements?
Add the plan to the 2025 Statement Naming Convention Errors spreadsheet
SDBA plans with a Master Account – where do you look to determine if the Master/Forfeiture account holds Pooled funds (assets).
What is look in the prior year valuation report.