Business management-AW458 Online Services
Fill-in 2 pts each
1. The qualification requirements are intended to prevent discrimination in favor of____________,
2. The age and service requirements require that an eligible employee participates in the plan no later than the attainment of age__________ and________ year(s) of service.
3. A contribution to a qualified retirement plan (“QRP”) is income tax deductible if it is made no later than _____________.
4. Under the dual entry method of plan participation, a QRP’s entry dates are usually ____________ and __________________.
5. A plan that provides for individual accounts is called a ______________________.
6. A plan to which annual contributions are discretionary by the employer is called a ____________.
7. A plan in which the fair market value of the plan’s assets may be either greater than or less than its benefit obligations is called a _________________________.
8. A “year of service” generally is a __________________________.
9. A group of commonly controlled trades in businesses is treated as a _________________ when testing for nondiscrimination in coverage.
10. Distributions from a QRP to a 10% shareholder-employee must commence no later than _____________________.
11. A group of otherwise related employers, each in different businesses, may avoid “single-employer” status by satisfying the ___________________.
12. In a graded vesting schedule, a pension plan participant becomes 100% vested in year number _________.
13. Participants in a QRP become ________________ vested upon plan termination.
14. The maximum percentage limit on benefits from a defined benefit plan is equal to 100% of _____________.
15. A plan is not discriminatory if the percentage of non-highly compensated eligible employees participating in the plan is at least _______% of the percentage of highly compensated employees (“HCE”) participating in the plan.
1. 10 points
a. List 3 distinctions between a pension plan and a profit sharing plan.
b. List 4 distinctions between a defined benefit plan and a defined contribution plan.
c. List 3 distinctions between a qualified plan and a non-qualified plan.
2. 20 points
Facts: Company A owns 100% of both Companies B and C, and 65% of Company D. The summary of the relevant employee information is outlined below.
Company A 10 100
Company B 45 60
Company C 20 250
Company D 2 10
a. Which companies are included as a “single employer” and why?
b. Can company C satisfy the coverage rules without including any other company? Show your work.
c. Can company D satisfy the coverage rules without including any other company, assuming it has no other related companies? Explain your answer.
d. Describe 3 categories of employees that may always be excluded from plan participation
3. 4 points
For a defined benefit plan
a. Describe 2 instances in which the annual dollar limitation for distributions to participants may be adjusted.
b. Describe 2 instances in which dollar and/or percentage limitations may be cut back.
4. 7 points
For a Qualified Separate Line of Business
b. List and BRIEFLY describe the separateness requirements
b. List and explain the requirements for “qualification” of a separate line
3 points each
1. Once an employee satisfies a plan’s age and service requirement he/she must enter the plan no later than
a. The first day of the next month
b. The first day of the following month
c. Six months after satisfaction of the age and service requirements
d. The following January 1 or July 1
2. In the case of a defined benefit plan which of the following statements is incorrect
a. It is subject to the minimum funding rules.
b. The plan has individual accounts.
c. The plan can be either overfunded or underfunded.
d. In-service withdrawals are not permitted.
3. Which of the following is not a safe-harbor definition of compensation.
a. Gross compensation
b. Wages as reported on Form W-2
c. Wages as defined in Section 415( c )(3)
d. Base compensation
4. Which of the following is not a safe-harbor allocation method in a defined contribution plan?
a. Pro-rata to total compensation
b. Cross-tested allocation
c. Permitted disparity, also known as integration with social security
d. Uniform dollar ownership
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5. Which of the following is not a qualification requirement.
a. That compensation is limited each year to an IRS adjusted dollar amount.
b. That the plan cover a percentage of Non-HCEs that is a least 70% of the percentage of HCEs covered.
c. That contributions are made by the extended due date of the employer’s income tax return.
d. That the plan be permanent.
6. Which of the following is not a highly compensated employee?
a. 5% owner
b. An employee whose compensation in the current year is at least equal to the current year dollar limit.
c. An employee whose compensation the current year is at least equal to the prior year dollar limit.
d. The spouse of an HCE
7. In order for a married participant to receive a distribution from a pension plan, he/she must first obtain
a. A divorce
b. Certification of the benefit amount
c. Spousal consent
d. A notice of rollover from the plan administrator
8. The only individual permitted to rollover an account balance and wait until he/she reaches age 70½ to commence RMDs is
a. The participant’s children from a prior marriage
b. The surviving spouse
c. The plan trustee
d. A shareholder who has attained age 70½
9. If an employer makes a contribution to a defined contribution plan in excess of the deduction limit, the employer is NOT
a. Subject to 10% excise tax.
b. Required to hold the excess contribution in suspense to be used in the subsequent year.
c. Required to allocate the excess to the accounts of non-highly compensated employees.
d. Required to utilize the prior year’s excess contribution before the contribution for the current year.
10. Each of the following is correct about a QRP, except
a. Assets are held in a tax-exempt trust.
b. The plan must not discriminate in favor of HCEs
c. The employer receives its income tax deduction in the same year as the employee recognizes taxable income.
d. Married participants must receive distributions in the form of a qualified joint and survivor annuity
Product Code:-Business management-AW458
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