Admin Upskill Final Review

6 Categories 30 Questions

True or False: The ADP (Actual Deferral Percentage) Compliance Test Failure Corrections will be available for the admin to elect on their dashboard. If a Non Safe Harbor plan experiences an ADP failure, what specific action can they take to retroactively correct it?

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Category 1

True or False: The ADP (Actual Deferral Percentage) Compliance Test Failure Corrections will be available for the admin to elect on their dashboard.

If a Non Safe Harbor plan experiences an ADP failure, what specific action can they take to retroactively correct it?

They can retroactively amend their plan with a 4% Safe Harbor Non-Elective Contribution (SH NEC)

What is the mandatory corrective measure if a plan fails the Top Heavy test?

The employer must contribute a minimum of 3% of compensation to all Non-Key Employees

For a plan to maintain a Safe Harbor designation using a non-elective contribution, what is the minimum fixed percentage the employer must contribute to each eligible employee, regardless of whether the employee contributes?

3%.

When submitting a case to Compliance regarding New Comparability Profit Sharing, what specific text snippets must you use to structure your request?

You must use the snippet ;sfpss as the subject and ;sfpsd as the description

Category 2

If a quarterly force out needs to be reviewed and approved in the task list, what specific admin permission level is required to complete this process?

Only Primary admins can approve quarterly force outs.

If a task has expired (past 15 days) and remains unresolved, what process can you, as the CAM/CS agent, follow to fix this?

You can reopen the task by using a drop-down menu in Nexus to change the status back to "outstanding"

When processing an owner contribution for someone who receives a Schedule C or K-1, what must you do immediately after advising the Admin that our compliance team will calculate the amount?

You must create a child case to compliance for the calculation.

Which document is an Admin primarily responsible for completing if they are a DIY client or if they had a payroll provider switch during the prior plan year?

The Annual Census.

This is the digital form required to prep all plans for End of Year that is a task for admins.

The Annual Questionnaire.

Category 3

When dealing with an ACH Rejection, what specific internal action should you take?

You should use the SOP to help you file a Jira ticket to RKO

What type of funds are "created" and set aside like a gift card when an employee takes a distribution but is not fully vested in their employer contributions?

Forfeiture funds

If an employer accidentally processes an employee deferral for someone who is not yet eligible, what form must they complete to have the funds returned?

Mistake of Fact form

If an unfunded plan (a newly onboarded plan) fails to set up banking information correctly, what is the exact Service Level Agreement (SLA) timeline for your outreach before the plan is processed for churn?

You must complete 3 payroll cycles or 12 weeks of continued outreach

In a Mistake of Fact situation, after you have provided the admin with the form and they have completed it, what is your next step in the process?

You must pass the completed form along to the ADJ team on the ticket you have already filed

Category 4

True or False: every plan will be required to file a form 5330.

False: only those who had late contributions or were flagged for misuse of plan funds.

If an Admin asks, "We just received our Form 5500... are there any reports that I can look at to verify that the totals are correct?", what document should you generate and attach in your reply?

You should generate and attach a trust report

If a plan is moving to another 401(k) provider and asks to confirm their 5500 status, what site should you use to search for their EIN, and where can they download a copy if it was filed?

You should search via Form 5500 Search, and if filed, a copy can be downloaded from the EFAST site.

An official inspection of the financial standing of a 401(k) plan is required if it qualifies as a "large" plan. How many participants with account balances define a large plan?

More than 100 participants. Or more than 120 if they were small in their prior plan year.

Which form must businesses file annually with the IRS and DOL to report information on the investments, operations, and conditions of their employee benefit plans? And what is its corresponding filing deadline?

Form 5500; due July 31 or October 15 with IRS/DOL extension

Category 5

Which SOP contains the flow for an upgrade or downgrade of service request?

Contract Service

What special billing request can be set up to eliminate fees for employees who are eligible but not actively participating in the plan?

Bill Participating Only (BPO)

When executing a positive consent billing amendment in Nexus, who must you explicitly tag in the case to request approval?

You must tag your manager in the case

Currently the billing for HI Saas Fees (i.e. the monthly fee for using our service and the per participant count) is processed in which of our systems?

Netsuite

If a client requests to add or remove custom funds from their lineup, what timeline/SLA should you communicate to them regarding how long the process takes?

You should remind them that additions and removals of custom funds can take up to 30 business days to take effec

Category 6

When an admin requests to terminate or deconvert their 401(k) plan, what specific internal team must you create a case for?

The Retention team

Where can we see the ERISA bond information for a plan?

Nexus Plan Overview and on the admin dashboard

During an amendment process, after confirming the amendment details with the admin and creating a child case to Compliance, what is the next step you must take in the system?

You must attach any required documents or add notes as a post in the case

To process a payroll switch, what specific action must CS take regarding the internal Payroll team after confirming details with the admin?

CS must file a ticket to the Payroll team and act as the liaison between the admin and the payroll team until the switch is complete

If an Admin wants to retroactively add a 3% Safe Harbor Non-Elective Contribution (SHNEC) for the current plan year, by what date must they notify Human Interest?

October 31st of the current plan year

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