SFRP May 2024 Knowledge Check

Which types of accounts can be rolled into a Roth IRA?

• Roth IRA, 401(K), 403(B), Simple IRA

• Roth IRA, 401(K), 403(B)

• Roth IRA, 401(K)

• Roth IRA only

Answer explanation

Anything can be rolled into a Roth IRA but may be a taxable event for AO. Roth IRA, 401(K), 403(B), Simple IRA can be rolled into a Roth IRA, making the correct choice. Remember to advise AO to reach out to a Tax Advisor or Financial Advisor if they continue to have questions.

A Roth IRA can be rolled into a 401(K)?

• True

• False

Answer explanation

A Roth IRA can only be rolled into a Roth IRA. For a Roth IRA to rollover into any other type of account it will need to be recharacterized to a Traditional IRA.

Which type of withdrawal hold cannot be waived?

• Address Change Hold

• Bounced funding Hold

• None of the above

• New Contribution Hold

• Bank Account Hold

Answer explanation

New contributions hold’s and bounced funding holds cannot be waived. Bounced funding holds will be removed once the ER has resolved the bounced contribution.

When a Savers WD is returned due to a wrong bank account, what must a CSR do?

• Verify and have saver update bank account information

• Verify if caller prefers Check or ACH

• Route case to AR stop check queue

• None of the above

• Route case to complete

Answer explanation

Once the AO verifies the bank account and/or updates bank information, the bank hold will no longer apply.

CSRs are allowed to add banks on behalf of Employers and Savers?

• True

• False

What must a CSR do to transfer a Roth account to a Traditional account?

• Create a Traditional account by following the steps in Panviva.

• Create case, route to Recharacterization queue, and email recharacterization team at [e-mail]

• Request for recharacterization rep in chat.

• Route case to complete.

• None of the above

Answer explanation

Once the traditional account has been created, a trained CSR will do the calculations to recharacterize the funds.

When a withdrawal hold is on an account, when will the withdrawal be received?

• Date of release.

• Date of release + Check/ACH processing time.

• Send email to AR stop & Re-issue to get date

• None of the above

If a CSR is informed that ACH funds have not been received, which of the following actions is appropriate?

• Request Check Stop & Re-issue.

• Request Trace ID by emailing SFRP_Stop Check Reissue.

• Request for withdrawal to be canceled.

• Route case to complete.

Answer explanation

Next Steps: Once trace ID has been received CSR will need to call saver and provide them the trace ID. The EE will then provide their bank with trace ID for tracking.

How can an account owner add more than two primary or contingent beneficiaries?

• Using a second copy of the Beneficiary Designation Form.

• Using a Beneficiary Designation Addendum Form.

• Using the Account Beneficiary tab in the online portal.

• Email the recharacterization team.

Answer explanation

Only ILSC AOs can add beneficiaries online.

What is required from an EE to add an authorized agent according to their account?

• EE needs to send a letter of intent (LOI)

• EE can request it over the phone

• EE needs to send POA (Power of Attorney)

• EE can add by using the online portal

• Authorized agents cannot be added to EE account

Answer explanation

POA can be found in Panviva https://futureplan.supportpoint.com/Viewer/Viewer/Document/4709