AGS 529/ABLE Knowledge Check November 2023

1.      Primerica Reps are not required to get a stamp of approval from their back office to set up a new account via a paper enrollment.

• True

• False

1.      States that allow Account Owners to get a deduction for a 529 contribution to any state's 529 plan is known as:

• Tax Parity State

• Tax Neutral State

• Plan Home State

• Out of State Benefit

The status of a Manual Check can be found in which of the following functions of CSR?

• Documentum

• Withdrawal Management

• Maintenance History

• Voucher Management

____________________ is initiated from the 529 through participating plans with participating schools.

• Flywire

• Epay

If a requested withdrawal shows Status: ACH Fail, you can just process a new withdrawal with the authorized individual.

• True

• False

Answer explanation

Once the withdrawal has traded, the funds are removed from the account.

It is OK to give a Trusted Contact information about a 529 account

• True

• False

If both a qualified and non-qualified withdrawal are processed and sent to the account owner in the same calendar year, the account owner will receive two 1099's.

• True

• False

It is OK to give a Financial Advisor a beneficiary's Date of Birth and/or Social Security Number as long as they are the advisor listed on the account.

• True

• False

What steps do you need to take when you get a call stating the AO is deceased?

• Legal - Block All Transaction freeze.

• Other - Block redemption freeze and place a stop mail on the account

• Death Notification Freeze and disable web access.

• Special Handling Freeze

If a check is recieved with the numeric notation $150 and the written legal line states One Thousand Five Hundred Dollars, what would we do?

• Send the check back

• Deposit the check for $150

• Call AO to confirm they want to deposit for the amount of $1,500.

• It is OK to deposit for $150 once you get an approval from a manager.