SFRP April 2023 Knowledge Check

There is no limit to the number of Primary and Contingent beneficiaries that can be added:

• True

• False

What can Savers do to change their contributions to a different contribution year?

• Submit request to Res Services

• Route case to EE NIGO

• Savers can send an LOI specifying the contribution year they would like a certain contribution to be processed into

• Route case to Financial queue

Only employers with a current Qualified Retirement Plan can be reset to invited:

• False

• True

What is true about the Call Back Feature:

• Savers will now have the ability to request a call back if CSRs are not available.

• Calls will still come in automatically via InContact

• Call backs will dial out as if you are making an outcall, once a saver answers you will be connected.

• Savers may come in IVR authenticated and accounts will still auto populate.

When it comes to State withholding, if an AO reside outside of the state of CA or IL and makes a distribution you will need to advise of the required state tax in the state that they are residing:

• True

• False

This is the path to find information about ER eligibility/exemption qualification for Home Health Care Providers:

• Panviva>Exemption> Offers Qualified Plan

• Panviva>Exemption> CA IHSS providers

• Panviva>Exemption> Other Reasons

• Panviva>Exemption> Talking Points

CalSavers IRA Owners can add beneficiaries online:

• True

• False

ILSC IRA Owners can add beneficiaries online:

• True

• False

Can tips be considered for contributions?

• If an employee has tips outside of their gross income, an employer cannot withhold them, and does not calculate them into the amount to be withheld.

• No, tips don’t pay taxes so can not be considered for contributions.

• If an employee has tips reported as part of their gross income, this will calculate into their total amount withheld.

• No, tips are not considered earned income.

Can Savers rollover from 401(k) to their ROTH IRA?

• No, they are different types of account and other financial institutions don’t allow that at all.

• Yes, but should always ask tax pro or financial advisor as it could be a taxable event. Some institutions may not allow this.