SFRP June 2023 Knowledge Check

Non-profits are exempt form CalSavers

• True

• False

What categories do we use for calls about the new CA fees?

• fee> Bounced Check

• fee> Is there an ER fee

• fee>What are the EE fees

• fee> Overnight

Letters of Acceptance can be provided for rollovers

• False

• True

Answer explanation

We do not have a rollover form therefore we don’t provide Letters of Acceptance.

What is true if an employee has tips outside of their gross income:  

• An employer cannot withhold them

• ER would have to submit a negative amount

• EE has to be marked as inactive

• ER does not calculate them into the amount to be withheld

An account that is not funded and opted out, can have CalSavers fees applied:

• True

• False

Answer explanation

No, as fees are assessed to the balance.

If an employee has tips reported as part of their gross income:

• Tips don’t pay taxes so cannot be considered for contributions.

• This will calculate into their total amount withheld.

• Have to be sent in a check separate from the payroll deduction contribution check

There is no limit to the number of Primary and Contingent beneficiaries that can be added to a Saver's account.

• True

• False

ILSC IRA Owners can add beneficiaries online:

• False

• True

What are the attendance impactful dates for June?

• 06/01, 06/08

• 06/05, 06/12

• 06/16, 06/20

• 06/12, 06/26

Savers can avoid the new CA Paper Delivery and Paper Check fees by opting for e-delivery and adding bank information for ACH withdrawals:

• True

• False