Business Administrator • Darlena Pagan is a professional in Business Administration. She had graduated from American Intercontinental University in Business Administration earning an AABA with a concentration in Criminal Justice. Currently, she is a student at American InterContinental University. Her major is Business Administration with a concentration in Human Resource Management.
Business Administrator• Business Administrator is a person legally vested with the right of administration of retirement plans and investments. The administration is the performance of executive duties, such as, management and supervision. In addition, she or he executes the act or process of administering the company’s vision, and execution of public affairs as distinguished from policy-making. However, Business Administrator studies in a college or university providing general knowledge of business principles and practices.
Types of FunctionsThere are my functions that the BusinessAdministrator does but I would only discussedone function as following:• Vested Benefits
Vested Benefits• Types of Retirement Plans• Earning Retirement Benefits• Plan Information to Review• Payment of Benefits• Taking Your Retirement Benefit with You
Types of Retirement Plans• There are two major types of plans• Defined benefit plan• Defined contribution plan
Earning Retirement Benefits• Summary Plan Description• Plan’s rules• Requirements
Plan Information to Review• Contact The Plan Administrator• Plan document• Plan’s Form 5500 annual financial report
Payment of Benefits• Depends on the Type of plan• How you earn benefits• How much your benefits
Taking Your Retirement Benefit with You?• Early Retirement depends on what type of benefits• Put your benefits in another tax-qualified plan• You cannot take your benefit plan if it is a defined benefit plan (cash balance plan )• If Defined Benefit Plan update you address regularly• Defined contribution plan (such as a 401(k) plan ), you will be able to transfer your account balance out of your Administrator’s plan