October Knowledge Quiz 2024

The QuickBooks API will be discontinued on 10/31/2024?

• True

• False

Answer explanation

Explanation:  Employers will now be responsible for manually:  

• Updating employee contribution rates when there are changes. 

• Add new employees as they become eligible. 

• Mark employees as inactive when they leave employment. 

• Process payroll contributions for participating employees. 

We can email statements to savers using forms _request alias?

• True

• False

Answer explanation

 

Explanation: we never email statements or documents containing PII. Saver can sign up for web access and download from portal.  

What are the required documents for the death of a saver with no beneficiary on file? Select all that apply.

• Original Death Certificate

• Certified letter of testamentary or small estate affidavit

• Copy of final death certificate

• Completed Inherited IRA Beneficiary distribution election form

Answer explanation

Documents cannot be faxed.

Can a saver have an IRA at another institution and still participate with us?

• Yes

• No

Answer explanation

Explanation: Yes, but please note annual contribution limits apply across the accounts. 

It is the savers responsibility to ensure that across all IRAs, they are contributing within the IRS annual limits.

For the first 30 days, contributions will be invested in the Money Market Fund, unless otherwise specified. Any existing and subsequent deposits after 30 days will be invested in Target Retirement Fund.  

• True for both IL Secure Choice & CalSavers 

• False   

• True for only CalSavers 

• True for IL Secure choice.  

Answer explanation

Explanation:  

IL Secure choice- For the first 90 days, contributions will go into a 90-Day Holding Vehicle, unless otherwise specified. 

After 90 days, new contributions will be deposited into Target Retirement Fund. 

CSR’s can remove stop mail alert in astro after confirmation of address.

• True

• False

ERs who are looking for written confirmation of compliance can now receive an email.

• True

• False

Answer explanation

Explanation: If an ER calls in and would like written confirmation of compliance the request can be sent to [e-mail] please include the following.  

  

Company Name:  

FEIN:  

Contact Person’s Name:  

Contact Person’s Phone:  

Contact Person’s Email (Required 

ER can expect an email within 24-48 hours. 

For Additional help with troubleshooting API/file errors when there is no request to speak to a Sup send an email to:

• [e-mail]

• [e-mail] 

• [e-mail] 

• [e-mail] 

What is the required State withholding for the state of Louisiana?

• 3% 

• 4.25%

• 5.0%

• 1%

CSR’s should actively offer Confirmation of compliance?

• True

• False

Answer explanation

Explanation: CSR should not offer confirmation of compliance, it must be requested by ER.