Planning for Retirement Needs. Plan Installation and Administration, Chapter 13. Setting up a plan Administering a plan Keogh plans Software. Overview. Corporate resolutions Plan and trust documents Explain plan to employees Enrollment meetings Advance-determination letters
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Plan Installation and Administration,
Contributions for the first year must be made by the last day of the first plan year.
With a corporation, the board of directors adopts both the plan and trust agreements.
It is important to include a disclaimer in the SPD stating that the terms of the plan prevail if there is a discrepancy between the plan and the SPD.True/False Questions
The SPD must be distributed within 120 days after the plan is adopted.
Form 5500EZ is the annual return/report form to be filed by any plan that has fewer than 100 participants.True/False Questions
A qualified plan is never allowed to pay benefits to anyone other than the participant or death beneficiary under the anti-alienation rules.True/False Questions
A plan that only covers a consultant who is self-employed that has $25,000 of plan assets does not have to file Form 5500 or Form 5500 EZ.
If a plan changes the eligibility provision participants must be given a summary of material modification or an updated SPD.True/False Questions (new)