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FOOD AND NUTRITION SERVICES CERTIFICATION INCOME AND RESOURCES FNS 390 RESOURCES

10 Section 390 Change #02-2024 October 1, 2024 checks. This is very crucial if a FNS unit is close to the resource limit. Count the remainder as the resource. D. If verification is necessary: 1. Use the DSS-8650 to request information. 2. If the FNS unit states that verification of any financial account is not readily available or requests assistance, explain the Financial Privacy Act as outlined on the DSS-3431. 3. Request the FNS unit to provide within ten calendar days a DSS-3431 signed by all account holders. When the signed DSS-3431 is provided, contact the bank or financial institution to verify account balances. NOTE: Clients with NCKIDS debit accounts receive free monthly statements or the balance can be obtained through the internet. 390.09 RETIREMENT ACCOUNTS/PLANS Exclude all tax-deferred retirement accounts. Exclude any funds in a plan, contract or account described in the following sections of the IRS code from consideration as a resource. NOTE: Any funds released from these accounts would be counted as income received when it can be reasonably anticipated. Do not count the remaining funds as a resource.

Authorized

Plan/Account

What Is It? Section 401 IRS Code Traditional Defined-Benefit Plan Employer-based retirement plan that promises retirees a certain benefit upon retirement, regardless of investment performance. Section 401(a) IRS Code Cash Balance Plan Employer-based “hybrid” plan that combines features of defined benefit and defined contribution plans. Each employee is allocated a hypothetical account, but account balances accrue at a specified rate, rather than depending on investment performance. Section 401(a) IRS Code Employee Stock Ownership Plan Similar to a profit-sharing plan that must be primarily invested in the employer’s stock and under which distributed benefits must be offered in the form of the employer’s stock.