CEBS GBA/RPA3 – 2023 Version - Module 1 Questions with Answers
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Course
CEBS GBA/RPA3
Institution
CEBS GBA/RPA3
What are the four basic elements of an employee welfare benefit plan? - Answer- There must be a plan, fund, or program
The plan, fund, or program is established or maintained by an employer
The plan, fund, or program is for the purpose of providing specifically listed benefits, through the purcha...
CEBS GBA/RPA3 – 2023 Version - Module 1 Questions with Answers
What are the four basic elements of an employee welfare benefit plan? - Answer- There
must be a plan, fund, or program
The plan, fund, or program is established or maintained by an employer
The plan, fund, or program is for the purpose of providing specifically listed benefits, through the purchase of insurance or otherwise
Benefits are provided to participants and beneficiaries
How is a plan, fund, or program for an employee benefit plan defined? - Answer- From the surrounding circumstances, a reasonable person can ascertain the intended benefits, the class of beneficiaries, the source of financing, and the procedure to receive
benefits
What plans are not covered under ERISA? - Answer- Government
Church
Plans maintained to comply with state laws on workers' comp, unemployment, or mandated disability
Plans maintained outside the US primarily for nonresident aliens
Plans that cover self-employed individuals and no common law employees
Plans that cover only married shareholders of a corporation
What do ERISA health and welfare plans provide? - Answer- Medical, surgical, or hospital care or benefits
Benefits in the event of sickness, accident, disability, death, or unemployment
Vacation benefits
Apprenticeship or other training benefits
Day-care centers
Scholarship funds
Prepaid legal services
What are examples of ERISA plans? - Answer- Medical, Dental, Vision, Prescription drug plans, drug or alcohol treatment programs, Health FSA, EAP, wellness programs, AD&D, STD, and LTD
ERISA generally does not apply to: - Answer- Cafeteria plans, Section 125 plans, Premium only Plans, Premium Conversion Plan, Pre-tax Premium Plan
Dependent Care FSA
HSA
PTO
Adoption Assistance
State mandated benefits
Education assistance or tuition reimbursement On-site medical clinics
What are the procedures required to establish an ERISA plan? - Answer- A plan is deemed established or maintained by a practice that would cause a reasonable employee to perceive an ongoing contribution by the employer toward payment of benefits or by the employer simply administering the benefit.
What plans involved in payroll practices are not treated as ERISA plans? - Answer- Plans where compensation is paid to an employee:
while on PTO
While on active military duty
Jury duty or a witness in an official proceeding
Training
Sabbatical leave or pursuing further education
What are the requirements for a VB benefit to be exempt from ERISA? - Answer- No employer or employee organization contributions
Participation is completely voluntary
No employer consideration except for reasonable compensation and administration
No employer endorsement
What does no employer endorsement mean? - Answer- an employer can publicize, collect premiums, remit premiums, provide employee information to an insurance company and maintain a file on a VB plan, but an employer cannot express positive normative judgment and cannot urge/encourage employee participation. The employer should not pay the employees portion when they are out on FMLA.
What is a plan administrator? - Answer- A person with statutory responsibility for ensuring that all of the required filings with the federal government are timely made and is the person upon whom the statute imposes authority to make important disclosures to
participants about the plan benefit.
What is plan sponsor? - Answer- The employer
What is a participant? - Answer- anybody who is eligible for a plan whether they are enrolled or not unless they are in a class that is not eligible to participate in the plan.
What is a beneficiary? - Answer- any person designated by a participant who is or may become entitled to a benefit under the plan.
ERISA Title 1 - Answer- Intended to provide protections to plan participants and beneficiaries. This title also includes certain pension funding and vesting provisions.
ERISA Title 2 - Answer- amended the IRS Code. This title primarily includes various requirements that must be met so that a plan can be tax favored or designated as a qualified plan. This title also includes a provision that created individual retirement
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