SFRP August 2023 Knowledge Check

What are the attendance impactful dates for August?

• 08/01, 08/08

• 08/05, 08/12

• None

• 08/12, 08/26

Answer explanation

Due to enforcement, impactful days may get added at some point.

A Payroll Representative can call in and obtain information even if their name is not on the account

• True

• False

Answer explanation

As long as the Payroll Rep can confirm 3 pieces of information and identify the PP company they’re working with. It is the name of the company the one that shows under Payroll Provider section on the profile, not the specific names of the representatives, unlike the way it shows under the Delegate/Admin section.

Callers are not to be directed to FTB (Franchise Tax Board) unless they are calling about any of the below acceptable circumstances:

• ER already took action but received notice anyway.

• ER has specific questions on how to pay the penalty

• ER wants to exempt but does not offer another qualified retirement plan.

• ER has specific questions on how to appeal the penalty notice.

Program fees should always be disclosed when processing distributions.

• True

• False

Answer explanation

All applicable fees should be disclosed before submitting the transaction.

Points will be deducted for accurate information and recap transaction if not.

3^rd party calls in without Saver for check verification:

• Rep can assist 3^rd party as long as provides only information about the check. Check information is not considered account information.

• EE must be able to get into the line to be authenticated and give one-time permission to disclose information at the time of the call.

• Rep can advise 3^rd party to call back with Saver on the line or when present at the site.

• As long as 3^rd party can provide 3 pieces of information and get authenticated, any information can be provided in this particular case.

Rollover/transfer out checks should only have the other institution’s name as payee and not “FBO account owners”:

• True

• False

If a CA ER has EE in CA and out of the State:

• Only EEs  who live in CA and receive CA wages need to be added.

• Out of State EEs can be

  added as well.

• Only EEs that are reported in CA and receive CA wages need to be added.

• Only EEs that live in

  CA can be added.

ER compliance talking points can be found in Panviva:

• False

• True

Answer explanation

Visit: https://futureplan.supportpoint.com/Node/Nw/Launch?opennwk=supportpoint://futureplan.supportpoint.com/Document/3516/-1/24

Non-compliance notices were recently sent to:

• CA Wave 3

• CA Wave 1

• Wave 2022

• Wave 2023

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.