Qslob Basics

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–Qualified separate lines of business (QSLOB) (must meet one of the other two tests, but can do so. With Basics Covered Let’s See What.

  • Coverage Basics. Average Benefits Percentage Test – Part 2 of ABT. Average benefits for NHCEs must be at least 70% of the average benefits for HCEs. Look at all plans of the employer (1.410(b)-7(e)). Include 401(k) plans, 401(m) plans, and ESOPs;. Exclude union plans and plans of other QSLOBs (if doing ABPT within a QSLOB);.
  • In order to be a qualified SLOB (QSLOB), the SLOB must meet three additional requirements: 1) it must have 50 dedicated employees at all times during the testing year; 2) the employer must notify the Secretary of the Treasury that it intends to treat a SLOB as a QSLOB (by filing IRS Form 5310-A, Notice of Plan Merger or Consolidation, Spinoff, or Transfer of Plan Assets or Liabilities; Notice of Qualified Separate Lines of Business; and 3) the SLOB must satisfy the administrative scrutiny.
  • Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.

Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.

Many are used by national and international statistical agencies to summarize economic conditions. They are also used by securities analysts to understand common forces acting on groups of companies, to compare companies' performance to their peers', and to construct either specialized or diversified portfolios.[1]

Sectors and industries[edit]

Economic activities can be classified in a variety of ways. At the top level, they are often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services). Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Over time, the fraction of a society's activities within each sector changes.

Below the economic sectors are more detailed classifications. They commonly divide economic activities into industries according to similar functions and markets and identify businesses producing related products.

Industries can also be identified by product, such as: construction industry, chemical industry, petroleum industry, automotive industry, electronic industry, power engineering and power manufacturing (such as gas or wind turbines), meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertainment industry, semiconductor industry, cultural industry, and poverty industry.

Market-based classification systems such as the Global Industry Classification Standard (GICS), the Industry Classification Benchmark (ICB) and The Refinitiv Business Classification (TRBC) are used in finance and market research.

List of classifications[edit]

Reg

A wide variety of taxonomies is in use, sponsored by different organizations and based on different criteria.

AbbreviationFull nameSponsorCriterion/
unit		Node count by levelIssued
ANZSICAustralian and New Zealand Standard Industrial ClassificationGovernments of Australia and New Zealand1993, 2006
BICSBloomberg Industry Classification Standard[2]Bloomberg L.P.10/.../2294
GICSGlobal Industry Classification StandardStandard & Poor's, Morgan Stanley Capital Internationalmarket/
company		2-8 digits
10/24/68/154		1999
HSICSHang Seng Industry Classification System[3]Hang Seng Indexes CompanyRevenue source11/31/89
IBBICSIndustry Building Blocks[4]Industry Building BlocksMarket line of business19/130/550/3000/202002002
ICBIndustry Classification BenchmarkFTSEmarket/
company		10/20/41/114
ISICInternational Standard Industrial Classification of All Economic ActivitiesUnited Nations Statistics Divisionproduction/
establishment		4 digits
21/88/238/419		1948–present (Rev. 4, 2008)
MGECSMorningstar Global Equity Classification System[5]Morningstar, Inc.Securities behavior3/14/69/148
NACEStatistical Classification of Economic Activities in the European CommunityEuropean Unionproduction/
establishment		6 digits1970, 1990, 2006
NAICSNorth American Industry Classification SystemGovernments of the United States, Canada, and Mexicoproduction/
establishment		6 digits
17/99/313/724/1175 (/19745)1		1997, 2002, 2012
RBICSFactSet Revere Business Industry Classification SystemFactSet, acquired in 2013[6]line of business11000
SICStandard Industrial ClassificationGovernment of the United Statesproduction/
establishment		4 digits
1004 categories		1937–1987 (superseded by NAICS, but still used in some applications)
SNISwedish Standard Industrial ClassificationGovernment of Sweden
TRBCThe Refinitiv Business ClassificationRefinitivmarket/
company		10 digits

13/33/62/154/898[7]

2004, 2008, 2012, 2020[8]
UKSICUnited Kingdom Standard Industrial Classification of Economic ActivitiesGovernment of the United Kingdom1948–present (2007)
UNSPSCUnited Nations Standard Products and Services CodeUnited NationsProduct8 digits (optional 9th) (four levels)1998–present

1The NAICS Index File[9] lists 19745 rubrics beyond the 6 digits which are not assigned codes.

See also[edit]

References[edit]

  1. ^'Frequently Asked Questions about GICS'. MSCI. Retrieved 2 April 2020.
  2. ^'Reference Data'. Bloomberg. Retrieved 5 Oct 2020.
  3. ^'Hang Seng Industry Classification System'(PDF). Hang Seng Indexes Company Limited. 2019. Retrieved 2 April 2020.
  4. ^'Industry & Company LOB Information'. Industry Building Blocks. Retrieved 2 April 2020.
  5. ^'Morningstar Global Equity Classification Structure', May 24, 2011
  6. ^Inc, FactSet Research Systems. 'Alternative Data FactSet'. www.factset.com.
  7. ^'The Refinitive Business Classification'(PDF). Refinitiv. Retrieved 9 Oct 2020.
  8. ^'The Refinitiv Business Classification Methodology'(PDF). Refinitiv. Retrieved 6 Oct 2020.
  9. ^'Data'. www.census.gov. 2007. Retrieved 2020-05-07.

Further reading[edit]

  • Michael E. Porter (1980). Competitive Strategy. Free Press, New York. ISBN978-0743260886.
  • Michael E. Porter (1985). Competitive Advantage. Free Press, New York. ISBN978-0743260879.
  • Bernard Guibert, Jean Laganier, and Michel Volle, 'An Essay on Industrial Classifications', Économie et statistique20 (February 1971) full text
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Industry_classification&oldid=999145198'
  • What is a QSLOB? - Boutwell Fay

    boutwellfay.com

    http://www.boutwellfay.com/wp-content/uploads/2017/11/FAQ-What-is-a-QSLOB.pdf

    members are treated as operating a QSLOB, each employer or group of employers in a line is allowed to apply those requirements separately with respect to the employees of each QSLOB. It is very important to note that this separate line of business exception does not apply to employers who are members of affiliated service groups.

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  • 26 CFR § 1.414(r)-5 - Qualified separate line of business ...

    cornell.edu

    https://www.law.cornell.edu/cfr/text/26/1.414(r)-5

    (a) In general. A separate line of business (as determined under § 1.414(r)-3 satisfies the administrative scrutiny requirement of § 1.414(r)-1(b)(2)(iv)(D) for a testing year if the separate line of business satisfies any of the safe harbors in paragraphs through of this section for the testing year.The safe harbor in paragraph (b) of this section implements the statutory safe harbor of ...

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  • What is a QSLOB? Boutwell Fay LLP

    boutwellfay.com

    https://www.boutwellfay.com/news-resources/what-is-a-qslob/

    What is a QSLOB? Posted on Nov 30 2017 FILED UNDER Building Blocks of ERISA This month’s Building Block provides basic information about “qualified separate lines of business” (QSLOB).

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Qslob
  • Qualified Separate Line of Business Retirement Learning ...

    retirementlc.com

    https://retirementlc.com/qualified-separate-line-of-business/

    In order to be a qualified SLOB (QSLOB), the SLOB must meet three additional requirements: 1) it must have 50 dedicated employees at all times during the testing year; 2) the employer must notify the Secretary of the Treasury that it intends to treat a SLOB as a QSLOB (by filing IRS Form 5310-A, Notice of Plan Merger or Consolidation, Spinoff, or Transfer of Plan Assets or Liabilities; Notice of Qualified Separate Lines of Business; and 3) the SLOB must satisfy the administrative scrutiny ...

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  • Qualified Separate Line of Business (QSLOB) [2017]

    relius.net

    https://www.relius.net/events/seminardetail.aspx?EID=27074

    The Qualified Separate Line of Business (QSLOB) rules can allow employers to split its business into distinct entities for plan coverage and testing purposes In some instances, the QSLOB rules would benefit the employer’s objectives, but the requirements are complex and unfamiliar to most administrators and recordkeepers.

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Qslob Basics


Qslob Nondiscrimination Testing

  • Instructions for Form 5310-A (Rev. December 2020)

    irs.gov

    https://www.irs.gov/pub/irs-pdf/i5310a.pdf

    QSLOB basis. If such notice is not filed on or before the notification date for the 2020 testing year, the notice filed for the 2019 testing year will be treated as the only notice filed for the 2020 testing year (see Part III). Exceptions From Filing Notice of Plan Merger or Consolidation, Spinoff, or Transfer of Plan Assets or Liabilities

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  • DC-3: Defined Contribution Administrative Issues Advanced ...

    asppa.org

    https://www.asppa.org/sites/asppa.org/files/PDFs/Education/Syllabus/2019/DC3_Syllabus.pdf

    basics of qualified plans and are ready to take on more advanced topics. The coursework begins with a study of leased employees and the different types of business entities. It then moves on to cover employer situations such as determining controlled groups and affiliated service groups. Compensation is a key component of proper plan administration.

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  • chapter 10-coverage and nondiscrimination

    irs.gov

    https://www.irs.gov/pub/irs-tege/epchd1004.pdf

    Employees of QSLOB’s, and Certain terminating employees. Application See Form 5300 #13, Form 5307 #11 and Form 5310 #13 . Chapter 10- Coverage and Nondiscrimination Page 10-8 Coverage and nondiscrimination The Average Benefits Test The average benefits test

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Separate Line Of Business Test

  • Common Problems in M&A: The 410(b)(6) Transition Period

    erisapedia.com

    https://www.erisapedia.com/static/CommonProblemsinMergersAcquisitions.pdf

    –Qualified separate lines of business (QSLOB) (must meet one of the other two tests, but can do so with reference to only a specific group of

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