Keyword Analysis & Research: funding standard account

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Frequently Asked Questions

How are funds charged to the funding standard account?

Any amount paid by an employer pending a final determination of the employer’s withdrawal liability under part 1 of subtitle E of title IV of such Act and subsequently refunded to the employer by the plan shall be charged to the funding standard account in accordance with regulations prescribed by the Secretary.

When do I need to fund my Standard bank account?

Your account must be funded within 6 months of opening and can be done in multiple deposits or as a lump sum. Transferring money to your account can be done in one of two ways. You can make a transfer using your bank’s online banking system. You will have to set up your new Standard Bank International account as a beneficiary.

What are the funding standards for multiemployer plans?

Each multiemployer plan to which this part applies shall establish and maintain a funding standard account. Such account shall be credited and charged solely as provided in this section.

When to make a change in funding method?

A change in funding method to use a prior year valuation, as provided in clause (ii), may not be made unless as of the valuation date within the prior plan year, the value of the assets of the plan are not less than 125 percent of the plan’s current liability (as defined in paragraph (6) (D) without regard to clause (iv) thereof).

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