Form 5305-A-SEP Carmel Indiana 2006-2025

Form 5305-A-SEP Carmel Indiana: What You Should Know

Your benefit is based on the number of qualified plans you have that are held by UMB or a financial institution that is a custodian of that UMB or financial institution's eligible UMB retirement plan(s) that have been established under the applicable UMB rules that provide for periodic contributions by those members of UMB and any other financial institution that is a custodian of those eligible UMB Plans (a “participating custodian‥) under the applicable UMB rules. UMB will not provide the services of or pay for any plan that would affect the number of the qualified plans it holds (hereinafter referred to as the “eligible UMB plans‥). If you participate and/or hold these eligible UMB plans, the following rules apply to you and the individual under the plan. 1. You must be an active participant in the eligible UMB plan with respect to the UMB benefit you receive from the custodian. 2. Your pension payments, including those under the custodian-provided plan, must be made to a UMB participant who is eligible to receive those payment benefits. 3. UMB-provided plan benefits (including plan-funded UMB benefits) must be paid directly or through a third-party retirement plan. 4. Each year, UMB will calculate and make payments to the eligible plan for the amount that the plan would have paid with respect to the taxable year under the applicable UMB rules if the plan had been established under the applicable UMB rules. You can see what UMB will pay with respect to your benefit by comparing the amount with the amount that UMB would pay if the plan was established under the applicable UMB rules, and UMB will pay a reduced amount of qualified pension benefits to you depending on, among other things, your benefit payment preferences and the number of qualified SEP plan participants. If you do not participate in your employer's qualified pension, profit sharing, or stock bonus plan qualified under the applicable UMB rules, or if UMB does not act as agent to pay benefits to your eligible UMB plan, you will be deemed to be an inactive participant. If you are otherwise in-force service and your employer has established an SEP under the applicable UMB rules, in-force service is considered to be at least 12 months.

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