ko Flashcards
Implementation
The employee/ Plan sponsor has decided to use a new recordkeeper.
Implementation Phase
The phase sets up the plan and participants in our system and ensures all rules regarding the plan are built correctly. And, if applicable assets are moved from a previous recordkeeper.
Blackout Period
Moving the plan from one provider to another. A blackout period is put in place doesn’t allow transactions.
Enrollment
During Enrollment of the company are able to set contributions, and investment allocations, and potentially roll the money into the plan from old retirement plans.
Deferral Contribution
The contribution made by a participant election to have a portion of his or her salary contributed to an employer-sponsored plan.
In service withdraws options
Loans
Hardship withdrawal
Age 591/2
Incl Rollover funds
After-tax withdraws
Out of Service withdraws
Retirement
Disability
Sep from service
Death
RMD 73
Deconversion
For whatever reason the plan is leaving us
Contract termination
Plan cancels contract with current recordkeeper and moved to a new recordkeeper
Plan termination
The plan is no longer offered
Deferred taxes
Taxes are deferred or paid at a later date on both employee and employer contributions that are pre-tax as well as on the growth of any contributions, pre. or post-tax that come into the growth on any contributions.
Defined Contribution
The participant determines how much he or she will contribute to the retirement plan
Defined benefit
The company determines how much it will pay in benefits at retirement
Risk taker for Defined Benefit
Company
Risk Taker for defined contribution
The employee
