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CRPC Module 1 Exam Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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CRPC Module 1 Exam Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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CRPC Module 1Accrued benefit. - ANS A benefit that has accumulated up to a particular point in the
participant's employment.
Accrued benefit method. - ANS A method of calculating and funding defined benefit plan
liabilities accruing in a particular year. This method looks at the plan's benefit accrual for the
year for each participant at normal retirement and funds the present value of the benefit for that
year.
Annuity (insurance product). - ANS A periodic payment. In insurance terms, an annuity is a
form of policy or payout arrangement that provides a specified periodic cash payment to the
annuitant.
Annuity (qualified plans). - ANS A series of equal periodic payments. The usual form of
distribution used by defined benefit plans.
Corporation - ANS An entity of indeterminate life owned by one or more parties. Ownership is
evidenced by shares of stock, each representing a fractional interest in the entity.
Deductible IRA - ANS An individual retirement account that allows the owner to deduct the
amount of the contribution from current federal income taxes.
Deferred compensation - ANS Income that is not currently payable to an employee but that is
payable in the future.
Defined benefit plan - ANS A qualified retirement plan that defines what the benefit will be at
retirement.
Defined contribution plan - ANS A qualified retirement plan that provides an individual account
for each participant and specifies the annual contributions that each employee receives (the
benefits of each employee are based upon the value of his or her account at retirement.
Distribution - ANS Any outflow from a retirement plan.
Early (or premature) distribution. - ANS A distribution from a qualified plan, an IRA, or a 401(k),
Keogh, or similar plan that takes place before the recipient has reached age 591⁄2 and is not
associated with a rollover.
Early (or premature) withdrawal. - ANS A distribution from an IRA or other tax- favored
retirement plan by a participant prior to the age of 59.5 that is not associated with a rollover.
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