the two statutory methods of how to calculate a ye
to meet retirement goals when participants reach
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QUESTIONS WITH COMPLETE SOLUTIONS.
Employer contribution to a 401(k) profit-sharing plans are: Answer - tax
deductible by the employer.
exempt from FICA and FUTA taxes.
The two statutory methods of how to calculate a year of service are,
__________ & __________ methods. Answer - hours of service & elapsed
time.
True or False: A 401(k) plan provides the ability for an individual to elect to
defer funds into an account. Answer - true
Select the three definitions of compensation used to administer a plan. Answer
- section 414(s), 415, and plan definition used to determine benefits.
To meet retirement goals, when participants reach age 50, plans usually allow
them to make additional contribution, known as __________ contributions.
Answer - catch-up
True or False: All employees are eligible to participate in a company's
retirement plan? Answer - false
,The following can be distributable events for employee elect6ive deferral
contributions, if permitted by the plan: Answer - separation from service,
death, plan termination, & hardship.
What are the names of the two alternative minimum vesting schedules that
can be used for employer contributions? Answer - cliff & graded
Jack is a new employee at XYZ, Inc. He wants to roll over his old 401(k) to his
new employer. The following must be met for him to do so: Answer - the new
employer's plan must permit the rollover,
the old 401(k) plan must be a qualified plan,
the rollover must be 100% vested in the new plan,
the rollover must be transferred into the new plan no more than 60 days after
the funds are received from the old pan.
The statutory maximum age requirement for participation in 401(k) plan is:
Answer - 21 years of age
Health Savings Account (HSAs) offer triple tax benefits if used for qualified
medical expenses because: Answer - earning on the HSA account grow tax-
free,
contributions are exempt from federal income taxes,
withdrawals for qualified medical expenses are tax-free.
A retirement plan supports a company's workforce strategy by: Answer -
attracting qualified and talented workers, increasing company value in tight
labor markets, and providing confidence towards financial wellness.
, Hybrid Plan Answer - provides a guaranteed benefits to participants that is
expressed as the value of annual contributions plus an assumed annual interest
credit.
Defined Contribution Plan Answer - does not offer a guaranteed benefit at
retirement, rather it offers the amount in an account balance.
Defined Benefit Plan Answer - provides a specific guaranteed benefit to
participants that is expressed as an annuity at the normal retirement age set
forth in the plan.
Three stock plans that provide employers a powerful incentive and retention
tool are: Answer - stock bonus plans, ESOPs, and employee stock purchase
plans.
Which of the following impact the funding of a Defined Benefit Plan? Answer -
age of participant, compensation of the participant, and plan's investment
performance.
True or False: The benefits and contributions accrued in a qualified retirement
plan can disproportionately favor highly compensated employees? Answer -
false
The three most common benefit formulas for a Defined Benefit Plan include:
Answer - flat dollar formula,
final average pay formula,
career average pay formula
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