SFRP Feb 2023 Knowledge Check

RT's should be opened for API issues.

• True

• False

Answer explanation

API issues that are not able to be resolved by the rep should be emailed to OB (PPS team) or the lead alias.

What is the CalSavers and ILSC EIN for tax purposes?

• 45-0404698

• 45-0407628

• 78-9815123

• 99-080706

Panviva is the knowledge source that replaced SharePoint as of 1/31.

• True

• False

Only employers that now offer a Qualified Retirement Plan can be reset to invited to be able to exempt.

• True

• Flase

1099R tax forms were promoted to the web:

• IL 2/15, CA 2/16

• IL 1/1, CA 1/2

• Il 1/30, CA 1/31

• Il 1/14, Ca 1/15

Savers will only get a 1099R if the processed a distribution the previous year.

• True

• False

Answer explanation

They are not generated for transfers.

If an account owner resides in state other than IL or CA there may be mandatory state tax withholding. For example, in Arkansas the state mandate is 3%.

• True

• False

Answer explanation

Search "State Withholding Requirements" in Panviva for more examples,

When a transfer comes info an IRA it will be included in the annual contribution limit.

• True

• False

Answer explanation

The money was already accounted for when it was put into the IRA, it isn't counted again for the annual limit when it is moved to another IRA.

What is the reason some check cashing places feel they can't cash a distribution check?

• It is drawn from an ZBA account.

• Many times tellers aren't familiar with this type of account and need to speak to a banker or manager.

• ZBA accounts are a way companies prevent fraud.

Answer explanation

See this SOP on check cashing!

https://futureplan.supportpoint.com/Node/Nw/Launch?opennwk=supportpoint://futureplan.supportpoint.com/Document/2707/-1/7343

If a saver is getting this message, "Account information is temporarily unavailable while the Illinois Secure Choice Saver Portal is undergoing planned systems maintenance. Please try again later today. It's giving me this error" what should the CSR do?

• Tell the saver to wait.

• Ask in the chat

• Open a RT