Qualified Retirement Plan
IMPLEMENTATION
Although implementing a qualified plan is relatively straightforward, there are several steps to take and requirements to satisfy to ensure a successful implementation. The following represents those steps and requirements, as well as the person(s) with primary accountability for executing each step. Note that it is important to remain involved throughout the entire process to assist and consult your client as appropriate.
Watch the videos below to get some insight from the field on prospecting within this market and working alongside other professionals involved in the process.
1. Agent/Employer & Professionals
Speak with the business owner client as well as their legal and tax advisors about the goals and objectives that they hope to achieve
2. Agent/Employer & Professionals
Gather a complete employee census for the business as well as any others that may be considered controlled or affiliated service groups here.
3. Agent/Employer
Fill out the Qualified Plan Fact Finder.
4. Agent
Submit the completed Qualified Plan Fact Finder to the Advanced Markets team.
5. National Life Group
The Advanced Markets team will review the fact finder and provide a design(s) for a plan(s) that most closely aligns with the business’ goals and objectives as conveyed in the fact finder.
6. Agent & Employer
Review the prepared design(s) with the client and their advisor(s).
7. Agent & National Life Group
Work with the Advanced Markets Team to make adjustments to the design if necessary.
8. Agent & TPA
Establish a relationship with a Third Party Administrator (TPA). National Life Group can certainly provide a list of entities that can fulfill these services
9. Agent & TPA
Submit the necessary documents to the TPA to include:
- Copy of final plan design proposal
- Employer Tax ID Number
- Installation workbook and Installation Fee
- Plan Document Signatures
10. Agent & National Life Group
Confirm with National Life Group that all required agent training has been completed.
11. Agent & National Life Group
Submit all necessary application documents to the Retirement Services team including
- State appropriate life insurance application kit
– The policy owner and beneficiary must be the qualified plan trust. - State appropriate Pension Application kit (Refer to Pension Kit Instructions Page for all applicable forms required)
- State appropriate annuity application
12. Agent /Employer & Advisors
Submit all necessary application documents to the Retirement Services team including
- State appropriate life insurance application kit
– The policy owner and beneficiary must be the qualified plan trust. - State appropriate Pension Application kit (Refer to Pension Kit Instructions Page for all applicable forms required)
- State appropriate annuity application
Resource Library
Additional Training
National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of the Southwest, Addison, TX and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.
The companies of National Life Group® and their representatives do not offer tax or legal advice. Please encourage your clients to seek tax or legal advice from their appropriate professional advisor.
FOR AGENT USE ONLY - NOT FOR USE WITH THE PUBLIC
TC127468(1223)3 | Cat 106313(1223)