Trust Accounting Vocabulary I
This is a transaction that is an IRS reportable movement of funds between retirement accounts, it can be considered both a deposit and withdrawal at different times
What is ROLLOVER
This is an arrangement when an employer has both a Defined Benefit and a Defined Contribution plan. The plans, while being separate, must undergo certain combined testing.
What is a Combo Plan
RMD
Required Minimum Distribution
Bonus 100 pts:
at what age must you begin taking RMD's:
73
This is the question on the checklist that might be answered: There are no 2025 statements available
What is have all contributions been deposited by the date the TA is completed.
This is when a participant receives a distribution less than 100% of their account balance – what is left is called?
What is a Forfeiture
This is a plan that the assets/funds of the employer’s multiple retirement plans are combined in one account for investment purposes. For reporting purposes and trust reconciliation assets must be split between the plans to account for each plan’s assets and activity separately
What is Comingled Assets
MEP
What is Multiple Employer Plan
When you pick up a trust accounting case this is the dropdown used for Weekly Totals
What is Newly Assigned Case
- This is a type of note that would be helpful in preparing the next years trust accounting
What is Carry Forward Note
This is a FuturePlan web base application that contains FP information and resources
What is DPS
QDRO
What is Qualified Domestic Relations Order
Bonus 300 pts
what two situations can qualify for a QDRO:
What is Divorce or Late Child Support
This is the minimum number of hours you must record each day in Time Tracker
What is 6.5 hours
This is a qualified retirement plan that allows participants to contribute amounts deducted from their paychecks on pre-tax or after-tax basis
What is 401K Plan
– This is a type of account that individuals can put retirement money (send plan distributions to) that is never considered a Retirement Plan Asset?
What is an IRA
DOL
What is Department of Labor
When you finish a trust case but are waiting on the contribution report to truly finalize – this is the dropdown used in Time Tracker for Weekly Totals
What is Completed.
This is the amount of money that belongs to the current plan year but is deposited the following plan year. This may refer to a contribution or interest/income.
What are Accruals/Receivables
Type of retirement plan for employees of public schools, tax-exempt organizations and certain ministers. Also known as a tax-sheltered annuity plan or TSA.
What is a 403(b) Plan
PGGC
What is Pension Benefit Guarantee Corporation
In Box-This is where you can look for an amortization schedule if it is not saved in the 09 Participant Loan and Distribution folder
What is search for the participant’s name and amort schedule.