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Busi 352 Exam With Actual Questions And Correctly Well Defined Answers.
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Which of the following pensions are exempt from ERISA reporting requirements? - correct answer state, federal, local gov, church Which of the following describes the report filed on Form 5500? - correct answer annual, file...

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  • November 4, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Busi 352 Exam

Which of the following pensions are exempt from ERISA reporting requirements? - correct answer
state, federal, local gov, church



Which of the following describes the report filed on Form 5500? - correct answer
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 answer
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 answer
Unfunded excess benefit plans (?)



A summary plan description is a what? - correct answer 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 answer 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 answer 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 answer 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



Pat is considering converting a traditional IRA to a Roth IRA in 2020. Pat may not want to make a
conversion because... - correct answer Pat would have to come up with non-IRA
funds for the taxes

Recent increase in top marginal federal income tax rate makes conversions less advantageous



For purposes of required minimum distributions from an IRA or qualified plan, which of the following
cannot be a designated beneficiary?

*Spouses can, kids can, trusts can, but some ENTITIES cannot. Review this! - correct answer
Charity



Advantages of rolling a qualified plan over into an IRA include - correct answer
More investment flexibility



If a spouse is to be the beneficiary of an IRA or a qualified plan, it is generally preferable to leave the IRA
or qualified plan to what? - correct answer outright gift to spouse (never leave to
trust)



13. When rolling over an existing IRA to a Roth IRA, all of the following are true except... - correct answer
no limit, amount rolled over is included for fed tax purposes on gross income



Anne has a Roth IRA. She died this year, and her son Jim is the designated beneficiary. Jim is not
required to start minimum distributions next year because Roth IRAs are not subject to required
minimum distribution rules after death - correct answer F

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