BUNDLE - ERISA EXAMS

ERISA Exam Questions & Answers 2023/2024 What does ERISA stand for? - ANSWER-Employee Retirement Income Security Act (enacted 1974) What was the purpose for enacting ERISA? - ANSWER-To protect the assets of millions of Americans so that funds placed in retirement plans during their working l...

ERISA Exam Questions & Answers 2023/2024 Plan Sponsor - ANSWER-A designated party that is either a company or employer, who sets up a retirement plan for the benefit of their employees. retirement plan - ANSWER-A savings and investment plan that provides funds during retirement single emp...

ERISA Exam Questions & Answers 2023/2024 ERISA only applies to what? - ANSWER-Employee based benefits: benefits that are focused on health and disability insurance Section 502 of ERISA allows challenging - ANSWER-Terms of the benefits plan -Recover benefits due (previously denied) -Enforci...

ERISA Exam Questions & Answers 2023/2024 3 Defining Characteristics of the American private pension system. - ANSWER--Employment-based -Voluntary -Tax-favored ERISA - ANSWER-Employment Retirement Income Security Act of 1974 First corporate industry to have pensions - ANSWER-Railroad ...

ERISA Exam Questions & Answers 2023/2024 How is compliance a risk management strategy? Answer: Federal legislation affords protection to employers with a "deferential review" rather than a "De Novo review" In state court. In federal court, there is no jury trial and no opportunity for punit...

ERISA and Qualified Plans Exam Questions & Answers 2023/2024 Internal Revenue Service - ANSWER-(IRS) Carries out the administrative duties of the qualified plan system -Supervising the creation of new retirement plans and monitoring and auditing the operation of existing plans -Interpreting f...

ERISA Exam Questions & Answers 2023/2024 Single employer plan - ANSWER-a plan which is not a multiemployer plan Multiemployer plan - ANSWER-A plan that is sponsored by more than one employer pursuant to a collective bargaining agreement is called a multiemployer plan. § 3(37). Employee b...

Topic 11 - Employee Retirement Income Security Act (ERISA) Exam 2023/2024 What is the original intent of ERISA? - ANSWER-- Protect ER-provided pensions --- 95% of the provisions are retirement plans --- 5% are health and welfare - ERISA is very involved in healthcare reform ERISA Regulati...

Topic 11 ERISA Federal Regulation of Employee Benefit Plans Exam 2023 Employee Retirement Income Security Act - 1974 ERISA - ANSWER-Had just as big of an impact as ACA. Reserving retired income securities. Original Intent -Employer provided pensions --95% of provisions --5% health and ...

Chapter 20: Retirement Plans, ERISA Issues, & Education Funding Exam 2023 Qualified Retirement Plans - ANSWER-- Contributions are Tax Deductible - Approved by IRS - Cannot Discriminate - Tax on Accumulation is deferred - All withdrawals taxed - Plan operates as a Trust 1) Keogh (HR-10) ...

TOPIC 11: ERISA EXAM QUESTIONS & ANSWERS 2023/2024 who regulates insurers? - ANSWER-states who regulates ERs when designing EE benefit plans? - ANSWER-federal government why would national insurers prefer to be regulated by the federal government? - ANSWER-so they do not have to answer to...