Adoption of Participation Agreement: I will follow the terms of the PEP's Participation Agreement. I acknowledge that (i) I have reviewed the Participation Agreement, (ii) if I elect to utilize a brokerage window, I alone will be responsible for any investments therein, and (iii) by indicating "I agree" below, I am signing and adopting the Participation Agreement on behalf of myself and my business.
Effective Date of Participation: The Effective Date of my Participation Agreement is January 1, of the year I complete this Certification and Agreement unless I provide a different Effective Date (click here to provide an Effective Date other than January 1 of the current year). [Note: Link functionality not implemented in demo]
Payment of Fees: I must pay the monthly subscription fee (currently $15) which will either be charged to my credit card or to an approved account on file. The subscription fee pays various providers that have created processes and procedures giving me access to the PEP or that provide certain administrative services to me and to the PEP. The subscription fee is in addition to the expense ratios of the investments offered within the PEP. In addition, the PEP will charge my account a trustee fee (currently 0.03% annually or $3 per $10,000 of value) and a record keeping fee (currently $15 per quarter). I will pay a withdrawal fee (currently $50 per distribution). Fees may be changed in the future upon 60-day notice to me.
No employees: I am self-employed or the sole owner of a single member Limited Liability Company. I do not have employees and I will terminate my business' participation in the PEP prior to hiring an employee in the future. I do not receive W-2 wages from my business.
No other business interests with employees: I do not own any other business entities that have employees. I am not part of an affiliated service group or controlled group of entities.
Use of Electronic Communications: All statements, notices, disclosures or other PEP or participant related documentation ("PEP Documents") will be sent to me either at my last known email address or phone number via text. I must keep both my email address and phone number current. If an email or text is undeliverable, then the PEP will deliver PEP Documents to me via the US Postal Service and my PEP account will be charged the then current rate for postage and handling charged by Alerus for comparable situations.
Sufficient Earned Income: I will not make contributions to the PEP for a tax year that are greater than my "Earned Income" as defined by the Tax Code and regulations for that tax year. I must work with my own tax advisor to determine the tax consequences of my contributions to the PEP.
Annual Certification: Following the close of each year, the PEP will provide me with an annual certification statement confirming important facts for my continued PEP use. The PEP will rely upon this certification statement regarding administration of my account balance.
Use of Payment Services: I will follow standard operating procedures as established by the PEP, including the use of Piedmont Payment Services, LLC, or such other vendor as designated by the PEP, for remitting PEP contributions
Employer Identification Number: I must have or obtain an IRS Employer Identification Number (EIN) in addition to my Social Security number. An EIN is required for the PEP to report my business participation in the PEP to the Employee Benefits Security Administration
Termination of Participation: If I fail to meet any of the above conditions now or in the future, I voluntarily agree that the PEP may terminate my participation in the PEP. I direct a rollover of my account balance to an Individual Retirement Account (IRA) offered by Alerus Financial, N.A. Administration fees for the IRA will be no greater than one percent of assets annually (but assessed periodically during the year) plus the expense ratios of the investment options available within the IRA. In addition, the IRA may charge standard distribution fees.
Taxation: I understand that taxation of my PEP contributions is subject to state and federal law. Neither the PEP nor any parties associated with it have or can provide me with legal or accounting advice. I must work with my own tax advisor to determine the timing of contributions, deductibility and other tax or financial aspects of my PEP contributions.
PEP Sponsorship and Control: I understand and agree that Access Plans LLC is the sponsor of the PEP and, in this capacity, serves as a representative of my business and that of all other adopting parties in the establishment and maintenance of the PEP. Access Fiduciary Services, LLC has been appointed as an Additional Named Fiduciary for the PEP. I accept and agree to be bound by all PEP elections made by Access Plans LLC or fiduciary decisions made by Access Fiduciary Services, LLC (together "Access") regarding the PEP and its Trust. I consent to Access' sole authority (without further signature or other action by me) to amend, to restate or to terminate the PEP and its Trust, to terminate my participation in the PEP, and to take other actions on my behalf.
