CEBS: GBA/RPA 3 (new curriculum) exam 2023 with 100% correct answers
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Course
RPA
Institution
RPA
CEBS: GBA/RPA 3 (new curriculum) 2023
ERISA
SOC Reports
SOC 1
SOC 2
SOC3
Tribble V Edison
SPD-renewals
QLAC
Plan document should include:
Plan Document
Summary of Material Modification (SMM)
Social Insurance-Fully Insured
Currently Insured
Disability Insu...
ERISA - ANSWER-Employee Retirement Income Security Act 1974
SOC Reports - ANSWER-Service Organization Controls: for external vendors
SOC 1 - ANSWER-Internal Controls & Financial reports; used by auditors
SOC 2 - ANSWER-Security, availability, processing integrity, confidentiality and privacy controls;used by
management, regulators, and others under an NDA
SOC3 - ANSWER-Same as SOC2, but available for public use.
Tribble V Edison - ANSWER-Landmark court case re fiduciary responsibility pertaining to reasonableness
of fees. Also, allowed 6 yr statute of limitations to be based on most recent time fees were applied
rather than when fund was added. Greater exposure for plan sponsor.
SPD-renewals - ANSWER-Renew every 10 yrs, every 5 years if changes; provide to ppts no later than 210
days after plan year in which changes were made ends.
QLAC - ANSWER-Qualified Longevity Annuity Contract; individual purchases contract. Allows individual
to delay withdrawing money from retirement account. Must start by distributions by age 85; Amt of
QLAC is not included in amount determined for an RMD
Plan document should include: - ANSWER-(a) The name(s) of the plan fiduciary(ies)
(b) Policies and procedures relating to plan administration
(c) Funding requirements
(d) A description of how benefit payments will be made
, (e) Claims and appeals procedures
(f) Plan amendment and termination authority and procedures
(g) Method for distribution of plan assets upon plan termination
(h) A statement that plan assets can be used to pay reasonable costs of plan
administration.
Plan Document - ANSWER-No set requirements; include plan name, fiduciary, claims review procedures;
funding; eligibility
Summary of Material Modification (SMM) - ANSWER-Must be delivered within 210 days after the end of
the plan year, or within 60 days after a "material reduction" in benefits of a group health plan. penalty
up to $110/day for not delivering within 30 of ppt/beneficiary's request
Social Insurance-Fully Insured - ANSWER-40 credits/quarters of coverage
1 credit for each $x earned (2017-$1300)
Adjusted for inflation
Must be fully insured to be eligible for retirement benefits
Currently Insured - ANSWER-At least 6 credits in last 13 calendar quarters ending with quarter of death,
disability, or entitlement to retirement benefits.
Disability Insured - ANSWER-Two work tests: 1) recent work test; depends on age at disability. and
2)duration of work test (doesn't require work within a certain period of time)
FASB ASC 960 - ANSWER-Defined Benefit Plans; establishes the accounting and financial reporting
standards.
Under DOL
ERs can file one set
FASB ASC 960-which plans - ANSWER-All ongoing plans-Funded and Unfunded that provide pension
benefits
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