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Retirement, Finance Basics

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1. In the ratio test used to determine whether a qualified plan is nondiscriminatory, what is the minimum percentage of nonhighly compensated employees who must be covered (as compared to the percentage of covered highly compensated employees)?
51%
60%
70%
75%

QUESTION 2
1. Which of the following vesting schedules may be used to accrue qualified defined benefit pension plan benefits attributable to regular (non-top-heavy) employer contributions?
20% vesting after 3 years of service and 100% vesting after 10 years
30% vesting after 4 years of service and 100% vesting after 12 years
100% cliff vesting after 5 years of service
100% cliff vesting after 7 years of service

QUESTION 3
1. ERISA requires reporting and disclosure of plan information to all of the following EXCEPT
Department of Labor (DOL
plan sponsors
Internal Revenue Service (IRS)
plan participants

QUESTION 4
1. Which of the following is a disclosure item relating to a qualified defined benefit pension plan that must be automatically distributed to employee-participants?
A Summary Plan Description (SPD)
A copy of the plan’s annual full financial report
A quarterly personal benefits statement
Any supporting plan documents

QUESTION 5
1. Big Bucks Bank, as the plan trustee for the XYZ Corporation profit-sharing plan, has entered into a loan with the plan secured by the individual account balances of the plan participants. What has just occurred?
A prohibited transaction
A disqualified loan
A financial obligation incurred in the ordinary course of business
A contribution to the plan consistent with the annual additions limit

QUESTION 6
1. In general, a qualified plan cannot require, as a condition of participation, an employee to complete a period of service with the employer extending beyond the later of the date on which the employee completes 1 year of service or reaches age
18 years
21 years
25 years
30 years

QUESTION 7
1. In a profit-sharing plan that is integrated with Social Security and provides a 5% base contribution, what is the maximum excess contribution percentage that may be applied?
5.7%
10%
10.7%
55%

QUESTION 8
1. If a defined benefit pension plan is determined to be top heavy, what is one practical significance of this determination?
One of two accelerated vesting schedules must be used.
Different coverage requirements and nondiscrimination tests apply.
Different eligibility requirements come into effect.
One of two maximum contribution and benefit formulas must be used.

QUESTION 9
1. What is the IRS form that also serves as a qualified plan’s annual financial report?
Form 1040
Form 1120
Form 5200
Form 5500

QUESTION 10
1. All of the following are differences between a nonqualified and qualified retirement plan EXCEPT
a nonqualified plan may discriminate in favor of highly compensated employees
a qualified plan provides for an employer deduction in the year of plan contribution
a qualified plan provides for tax-free distributions at a participant’s normal retirement age
a nonqualified plan may be exempt from some ERISA reporting and disclosure provisions
1 points
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