Erisa - Study guides, Class notes & Summaries

The process by which the key stakeholders of an organization envision its future and develop a mission, objectives, and procedures to achieve that future is called: A) Goal Planning B) Future Planning C) Succession Planning D) Strategic Planning Correct Answer B) Strategic Planning Organizational culture reflects a shared understanding among all who work within the company. What are the common components of organizational culture? A) Vision, mission, and values B) Structure, system, and...

ERISA Exam Questions & Answers 2023/2024 Plan Sponsor - ANSWER-A designated party that is either a company or employer, who sets up a retirement plan for the benefit of their employees. retirement plan - ANSWER-A savings and investment plan that provides funds during retirement single employer plan - ANSWER-One employer covering their employers (most common type of plan) Multiple Employer plan - ANSWER-Unrelated entities pooling resources together >Saves money Open: each entit...

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ERISA Exam Questions & Answers 2023/2024 What does ERISA stand for? - ANSWER-Employee Retirement Income Security Act (enacted 1974) What was the purpose for enacting ERISA? - ANSWER-To protect the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire. ERISA is a federal law that does what? - ANSWER-Sets minimum standards for pension plans in private industry. ***What are the types of things that ERISA requ...

ERISA Exam Questions & Answers 2023/2024 How is compliance a risk management strategy? Answer: Federal legislation affords protection to employers with a "deferential review" rather than a "De Novo review" In state court. In federal court, there is no jury trial and no opportunity for punitive damages. The judge uses the plan document to "preside quote over the claim and cannot deviate from the employer's interpretation as long as it is stated to federal law. The employer also reserve...

The 4 basic elements of an employee welfare benefit plan are: 1. there must be a plan, fund or program 2. the plan, fund or program is established or maintained by an ER 3. the plan, fund or program is for the purpose of providing specifically listed benefits, through the purchase of insurance or otherwise 4. benefits are provided to participants and beneficiaries The courts have held that a plan, fund or program under ERISA is established if from the surrounding circumstances,...

Under the DOL regulation, many advisors to retirement plans and their participants will be - Answer- 3(21) fiduciaries. They will act alongside other fiduciary service providers who are also not necessarily named in the plan document but who exercise discretionary control over plan provisions or plan investments. The advisor should educate the - Answer- plan sponsor about hiring fiduciary service providers, including the different roles service providers, including the different roles service...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

ISA Arborist Certification Glossary Exam Questions and Answers 100% Verified abiotic: - CORRECT ANSWER-pertaining to the nonliving parts of an ecosystem, such as soil particles, bedrock, air, water. abscisic acid (ABA): - CORRECT ANSWER-a plant hormone that stimulates stomatal closure and promotes seed and bud dormancy. abscission zone: - CORRECT ANSWER-a wall of cells at the base of a petiole, that allows the leaf to separate from the stem. acceptable risk: - CORRECT ANSWER-the amoun...

UFORE - Correct Answer Urban Forest Effects model - Systems that uses field data to provide information on the amount and value of atmospheric contaminant removal, carbon storage, and energy conservation. Uses real-time, standardized field data from randomly located plots and local hourly air pollution and meteorological data to quantify urban forest structure and numerous urban forest effects for cities across the world. UFORE provides information on the amount and value of atmospheric contamin...