Enrollments Review Flashcards
what is the 402G limit ?( Aka the pre tax dollar limit or elective deferral limit
the limit is 23k it applies to 401k 403B plans it applies to BOTH pre tax and Roth monies
is the 402G limit per person OR per plan ? Who is responsible to make sure that the limit is not exceeded ?
It applies per Person and it will be the EE responsibility
What is the $ amount of the limit for EE contributions on a G457b plan EXCLUDING catch up? How is this limit different from the limit in 401k and 403b ?
23k is the limit 402G limit is made up of EE pre tax and EE roth after tax money . ER money is not included in the 402G . G457 limit is both EE and ER money
Sam is age 32 and has both a 403b and G457b with Marion hospital . what is the max amount Sam can contribute this year in pre tax dollars to both plans ?
Sam can contribute 46k total for the year 2024
which types of plans have age 50 catch up? what is the Dollar amount of the limit ?
401k and 403b and g457b amount is 7500 and IRA is 1k
what is the contribution limit for a ppt contributing both Roth and Pre Tax money to a 401k /403b (excluding age 50 catch up)
23k (yr24) is the 402g limit
the all source limit (415 limit) includes both ER and VAT
Where in p3 can you see when a Mid Market ppt will become eligible to participate in the plan ? ( asking about ppt eligibility not plan)
Participant account > Participant eligibility
What is a Deferral ?
is a contribution that is made from the ppts salary into their employer sponsored retirement account. The ppt must follow the IRS contributions limits as well as the plan limits
What would you tell to a ppt after you updated their deferral for a large market plan?
ive updated your deferral from _ to _ your employer will be notified on _ It will take 1-2 pay periods for your paycheck to reflect the update. You will receive a confirmation of this change electronically
when are ppts in a 403b plan eligible to participate in the plan ?
Immediately
when are ppts in a 401k plan eligible to participate?
Age 21 and the number of years of service
what 2 questions would you ask a ppt if you updated their future allocations?
- Did you want me to change how your existing money is invested?
- Do you want me to make changes to any other accounts with Transamerica?
What does “in suspense” mean ? what does “Suspense Hold” mean?
in suspense or Unprocessed means that the money is here, transaction has not been keyed yet and will process overnight
On hold means that the ER has notified us of incoming money but we have not gotten it yet.
where can you view when deferral change will take place an Mid market PPT? How is this different from Large market plans?
LM is Plan>Sources/Deferrals MM is Links> EDOCS>Plan Design >Elective Contributions
if a ppt calls in today and says they didn’t authorize us to take money of the paycheck what probably happened ? What option could a ppt have if they don’t want to contribute to the plan ?
PPT was auto-enrolled change the deferral to 0 and see if 90 day is available and then issue a refund for the amount contributed. Go to PLAN >Withdrawal> check 90 days
