Examples of UVB Valuation Date in a sentence
Regardless of whether the Lookback Rule applies, this date is called the UVB Valuation Date to distinguish it from the Participant Count Date (see “How to Count Participants” section).So, for plans using the Lookback Rule, the UVB Valuation Date is the valuation date used to determine the minimum required contribution (i.e., “the funding valuation date”) for the Lookback Year.
Below are the tests that could be carried out for the benefit of the material standarisation.
For all other plans, the UVB Valuation Date is the funding valuation date for the Premium Payment Year.ExamplesThe following examples illustrate these rules:Example 1 – Plan A, a calendar year plan, is not a Small Plan and therefore, in accordance with ERISA 303 must have a beginning of year valuation date.
The QPSA is considered vested, and its value is included in the Premium Funding Target, for each Participant who, on the UVB Valuation Date, has five years of service and is thus eligible for the QPSA.
The temporary supplement is considered vested, and its value is included in the Premium Funding Target, for each Participant who, on the UVB Valuation Date, is at least 55 but less than 62, and thus eligible for the supplement.
The calculation is unaffected by the fact that the plan could be amended to remove the supplement after the UVB Valuation Date.
For all other plans, the UVB Valuation Date is the funding valuation date for the Premium Payment Year.
This can happen only if the UVB Valuation Date is after the beginning of the plan year.
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This rule applies even if the New Plan was created as the result of a mid-year spinoff from another plan.To accommodate such plans, the due date for New and Newly Covered Plans is the latest of: The Normal Due Date, 90 days after the date of the plan’s adoption, 90 days after the date on which the plan became covered by Title IV of ERISA, or In the case of a Small Plan that is also a Continuation Plan, 90 days after the UVB Valuation Date.