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Requirements of Defined Contribution Plans

Ohio National Financial Services provides a host of informational resources you and your clients will find helpful in understanding qualified retirement plans. This Action Assignment will help you discover how these resources can support you in your retirement plan sales. Take time to complete it before proceeding to the next section. When completed, be prepared to review this with your General Agent/Trainer.

  1. Obtain a copy of the brochure entitled Comparison of Tax-Favored Retirement Plans (Form 1789). Review the brochure and answer the following questions:

    1. What types of plans have the same or similar maximum employee salary deferral limits
      as a 401(k) plan?

    2. What types of plans allow "catch up" contributions for participants age 50 and over, and how do the catch up limits differ by plan?

    3. For each plan type listed, identify at least two businesses or organizations in your market that could be a prospect for each plan type:

      Plan Type:

      Business/Businessowner Name:
      i. 401(k)

      ii. Safe Harbor 401(k)

      iii. SIMPLE 401(k)

      iv. 403(b)

      v. 457(b)

      vi. Profit Sharing / Progress Sharing

      vii. Cross-Tested

      viii. Defined Benefit

      ix. Fully Insured Defined Benefit Pension Plan

      x. SEP IRA

      xi. SIMPLE IRA

  2. Obtain a copy of the brochure titled Your 401(k) Advantage (Form 3734-B). Review the brochure and answer the question asked on page 5 — "Is it better to save a little bit now or wait a few years and put a lot aside?"

  3. Obtain a copy of the brochure entitled Investment Policy Statement (Form 3886). Review the brochure and answer the following questions:

    1. What is an Investment Policy Statement?

    2. How does an Investment Policy Statement relate to the plan sponsor's fiduciary responsibility?

Please print this Action Assignment using the "Printer Friendly" button at the top of this page. Once it is complete, sign it and submit it to your General Agent for his or her signature. Give one signed copy to the General Agent and fax/send another copy to Field Development Operations at the corporate headquarters — (513) 794-4515.

Unit XXI: Qualified Retirement Plans
Section III Action Assignment Satisfactorily Completed

DATE: __________

 SIGN OFF
General Agent/Trainer:
Sales Associate:
Firm (Print):


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Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.

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