Retirement Plan Compliance Rules (81800)

This course reviews Employee benefit plans (specifically retirement plans) which have annual reporting requirements. Many of these requirements have recently changed due to adoption of a new electronic filing system.
Test Results
Your Score:
100%

Passing Score:
80%


You passed.

1.  A pension or welfare benefit plan that covers fewer than _____ participants at the beginning of the plan year follows the small plan rules for Form 5500 reporting.
a.10
b.25
c.100
Correct:
2.  The plan reporting form that must be used for one-participant plans and must be filed on paper is the:
a.Form 5500-EZ
b.Form 5500-SF
c.Revised Form 5500(R)
Correct:
3.  A pension benefit plan maintained outside the United States for nonresident aliens and not subject to Title I of ERISA must file:
a.Form 5500
b.Form 5500-EZ
c.Form 5500-SF
Correct:
4.  Under the Pension Protection Act of 2006, the present value of all benefits accrued or earned as of the beginning of the plan year is the:
a.Target normal cost
b.Funding target
c.Value of all plan assets
Correct:
5.  Extended amortization for single-employer defined benefit plans under the Pension Relief Act of 2010 does not include:
a.The deferred recognition schedule
b.The two plus seven schedule
c.The 15-year schedule
Correct:
6.  An endangered plan is one in which the plan's adjusted funding target attainment percentage (AFTAP) or ratio of assets to funding target) for the year is less than:
a.50 percent
b.60 percent
c.80 percent
Correct:
7.  In completing the IRS 401(k) Compliance Check Questionnaire, the plan administrator:
a.Must submit books and records that substantiate the answers for the plan
b.Must not supplement answers with comments or suggestions for revising the program
c.Should complete only questions in sections that apply to the particular plan
Correct:
8.  In a distress termination, a contributing sponsor and each controlled group member of the defined benefit plan:
a.Are released from all liability for the guaranteed benefits
b.Are jointly and severally liable to the PBGC
c.Are eligible to resume operation of the plan as a defined contribution plan
Correct:
9.   One-participant pension plans can include a partnership's partners and their spouses.
a.True
b.False
Correct:
10.   Reporting rules for ERISA-covered retirement plans do not apply to 403(b) plans.
a.True
b.False
Correct:
11.  An employer does not need any EFAST2 credentials for Form 5500 if:
a.The plan administrator has not requested an extension for filing
b.The plan sponsor grants a tax practitioner written authority to file on its behalfv
c.No distributions were made during the tax period being reported
Correct:
12.  For the 2009 plan year, a one-participant retirement plan may not file an annual return on:
a.Form 5500
b.Form 5500-EZ
c.Form 5500-SF
Correct:
13.  Except for plans of certain government contractors, a delayed-PPA-effective-date plan sponsor may elect relief for no more than _____ plan years.
a.Two
b.Three
c.Five
Correct:
14.  Which of the following is not a type of voluntary termination for defined benefit plans?
a.Standard
b.Conversion
c.Distress
Correct:
15.   The 15-year amortization schedule adversely affects a plan's cash flow for the first 7 years but improves cash flow somewhat for the later 8 years
a.True
b.False
Correct: