GBA/RPA 3 for CEBS Correct Questions & Answers(SCORED A+)
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GBA/RPA 3 for CEBS
Institution
GBA/RPA 3 For CEBS
Attorney-client privilege as applied to ee benefit plans - ANSWERAs a general rule, attorney-client privilege applies; however, courts have increasingly recognized that an exception may exist in communications involving fiduciary activities.
Categories of company goals for DC retirement plans - ...
GBA/RPA 3 for CEBS Correct Questions &
Answers(SCORED A+)
Attorney-client privilege as applied to ee benefit plans - ANSWERAs a general rule, attorney-client
privilege applies; however, courts have increasingly recognized that an exception may exist in
communications involving fiduciary activities.
Categories of company goals for DC retirement plans - ANSWERGoal 1: Paternalism: The desire, or
perhaps the feeling of obligation, to help employees prepare adequately for retirement.
Goal 2: To have Competitive benefits-benefits to attract and retain workers
Categories of internal controls for ee benefit plans - ANSWERAre
1. Plan documentation and any amendments,
2. Plan testing and administration,
3. controls at any third-party administrator
Cyber threats to ERISA Plans include - ANSWER1. Phishing e-mails
2. Malware via external devices and intrusive software
3. Ransomware that seizes the uses computer
4. Hacked cyber breach
Module 4 of Study Guide
Data collection associated with wellness programs - ANSWERConfidentially protections: Employees
should be made aware that wellness programs might involve privacy risks.
DOL Audit - ANSWER% of Unacceptable-Major deficiencies that affected overall quality of audit =
40%
, ERISA Plan document for welfare plans - ANSWER1. ERISA requires every ERISA health and welfare
plan to e established and maintained in writing.
2. For Insured plans, and insurance company's master contract or summary of benefits is ordinarily
sufficient to serve as a legal plan document.
ERISA Requirement/Fidelity bond - ANSWERERISA requires that A fidelity bond must be purchased to
cover every person who handles plan funds
Ethical work place wellness programs should - ANSWER1. Guarantee no penalty for non participation
2. Allow for Portability of data by employees
3. Minimize the lifespan of data to the period of employee participation
4. Inform employees about the potential of the data being used as evidence in court.
Module 7 of the Study Guide.
FASB ASC Topic 960 Accounting and Reporting standard - ANSWERThe actuarial present value of
accumulated plan benefits should be based on employees' earnings and service rendered before the
measurement date.
Fraud associated with employee benefit plans - ANSWER1. Auditors are more concerned with F/S
fraud
2. fraudulent activities occur most frequent in accounting, operation and upper management
3. HR and Board of directors have low occurrences of fraud.
4. Employee support programs can deter fraud.
GBA/RPA 3 Tibble v Edison - ANSWER??
Generally, best practice standards ERISA Investment Committee - ANSWERQuarterly or twice a year
Health reimbursement arrangements (HRAs) - ANSWERAny amount not used by an employee by the
end of the plan year can be carried over to the next plan year at the employer's discretion.
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