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Busi 352 Exam Questions With Verified Solutions
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Busi 352 Exam Questions With Verified Solutions
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Busi 352 Exam Questions With VerifiedSolutions
Which of the following pensions are exempt from ERISA reporting requirements?
CORRECT ANSWERS state, federal, local gov, church
Which of the following describes the report filed on Form 5500? CORRECT ANSWERS
annual, filed by administrator, must be filed within 7 months after plan year ends, filed
with dept of labor
ERISA requires report and disclosure of benefits to plan participants under the ___?
CORRECT ANSWERS Title IV, Summary plan description, Summary annual report,
Individual accrued benefit statement
Which of the following types of employer plans are exempt from all ERISA provisions?
CORRECT ANSWERS Unfunded excess benefit plans (?)
A summary plan description is a what? CORRECT ANSWERS Describes the major
provisions of a plan to the participants
Must be furnished within 120 days
If changes are made - must be rewritten and handed out
Only required to file with DOL if requested
Application Question: The retirement plan for Bethel Shalom Synagogue must adhere to
ERISA reporting and disclosure rules. T/F CORRECT ANSWERS F
If a participant dies at age 60 without a designated beneficiary, minimum distribution
must be made under what rule?
*Don't confuse this with the change that took place during this year (You can no longer
take distributions over a lifetime - it has to be within 10 years.) The textbook was written
before this change. BUT this rule still applies - Rule when someone dies without a
designated beneficiary - what are the minimum distributions that must be made?
CORRECT ANSWERS 5 Year rule
It may be advantageous for a participant to keep retirement assets in a qualified plan
rather than roll it to an IRA for all of the following reasons except? CORRECT
ANSWERS Plans loans may be available up to $50,000
PLan can invest in life insurance
Ten year averaging on lump sum distribution
Better protection against creditors
Better protection for non-spouse
Insurance may be applicable
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