Form 5623 - Minimum Vesting Standards Defined Contribution Plans Page 3
Download a blank fillable Form 5623 - Minimum Vesting Standards Defined Contribution Plans in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 5623 - Minimum Vesting Standards Defined Contribution Plans with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Yes No
Plan Reference
N/A
Cash-Outs and Other Distributions of Benefits That Result From Employer
V.
Contributions
a. Distributions that cash-out an accrued benefit:
(i) In an involuntary cash-out, must the employee receive a distribution of
the present value of the entire nonforfeitable benefit that resulted from
employer contributions? [0252]
(ii) Are such distributions made because of the termination of the
employee's participation in the plan? [0253]
(iii) Is the value of the employee's account balance restored when the employee
repays the full amount of the distribution as provided by regulations? [0254]
(iv) Does the plan disregard service only for which an employee
receives payment? [0255]
b. Distributions that do not cash-out an accrued benefit:
(i) If the plan allows a distribution of a participant's vested interest on
separation from service (but before a break in service), are separate accounts
or an equivalent method established for the undistributed part of the pre-break
account balance and any post-break account balance? [0261]
(ii) Is the participant's vested interest in the account containing the
undistributed part of the pre-separation account balance (described in b(i))
determined under one of the formulas prescribed by regulations? [0261]
c. Immediate distributions
Are immediate distributions, where the vested account balance exceeds $5,000,
precluded unless the participant (and spouse, if the qualified joint and survivor
rules apply) consents? [0264]
VI. Vesting Schedule
a. At all times does the plan's vesting schedule satisfy the requirements of a
particular one of the two minimum vesting schedules described in Code
section 411(a)(2)(A) or (B), as amended by the Tax Reform Act of 1986, for
all years of service? [0271]
b. If a plan's vesting schedule is changed by a plan amendment, does the new
vesting schedule satisfy any particular one of the vesting schedules described in
Code section 411(a)(2)(A) or (B) for all years of service? [0271]
VII. Amendments Affecting Accrued Benefits and Vesting
a. If the vesting schedule is being amended, is the nonforfeitable percentage
of every participant not less than the percentage figured under the plan before
amendment? [0281]
b. If the vesting schedule is being amended, does the plan provide for election of
the former schedule by certain participants? [0282]
c. If the plan is being amended, is each participant's accrued benefit after the
amendment not less than the accrued benefit before the amendment? [0283]
Form 5623 (Rev. 1-2006) (page 3) Cat. No. 42698K
Department of the Treasury-Internal Revenue Service
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 8401 - Employee Plan Deficiency Checksheet Attachment #2a Minimum Vesting Standards Fir Defined Benefit Plans
Financial
Form 8401 - Employee Plan Deficiency Checksheet Attachment #2a Minimum Vesting Standards For Defined Benefit Plans
Financial
Form 6041 - Employee Plan Deficiency Checksheet - Attach,emt 2 - Minimum Vesting Standards
Financial
Form 4461 - Application For Approval Of Master Or Prototype Or Volume Submitter Defined Contribution Plans
Financial
Form 4461 - Application For Approval Of Master Or Prototype Or Volume Submitter Defined Contribution Plans
Financial
Related Categories
Parent category: Legal