Sample Quiz 2 - This Is A Practice Exam, Worth Zero Cpe Credits

Pension Service Firms have customarily made it part of the plan installation process to apply for Trust ID numbers for Employer Plans by completing a Form SS-4.

PPA restatement documents must be adopted by defined contribution plan sponsors during the 2-year window period that began May 1, 2014 and ends on April 30, 2016.

The Trust ID number is shown on the annual Form 5500 return.  

The IRS Form 945 is designed to report federal withholding tax amounts with respect to plan distributions.

The Trust ID number should be used (instead of the Employer’s Tax ID number) to transmit electronic withholding for plan distributions.

The Trust ID number should be used (instead of a Sole Proprietor’s Social Security number) on brokerage statements for the Sole Proprietor’s tax-exempt retirement trust account.

When an Employer/Plan Sponsor utilizes a daily valuation recordkeeping platform with John Hancock, John Hancock’s master trust ID number is used for electronic withholding transmittals to be done.

Trust ID numbers are more essential to Employers/Plan Sponsors with investments that are held in pooled trusts or self-directed brokerage accounts.

The Trust ID number is shown on the Forms 1099-R.

It is a Best Practice for HR services to provide a package of retirement plan disclosures (such as the SPD) and enrollment paperwork to employees in conjunction with their Plan Entry Date(s).