Financial Planning Questions

Financial Planning Questions

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Profit-sharing plans can be designed to allow employees to withdraw funds from participant accounts as early as 2 years after they were contributed by the employer assuming that the employee has worked for the employer for at least 5 years.

	True
	False

The employer must have current or accumulated profits in order to make contributions to a profit-sharing plan.

	True
	False

A 401(k) provides an employee the ability to save for his or her own retirement, but it does not permit the employer to contribute.

	True
	False

Employee salary deferral contributions to a 401(k) plan are always 100 percent immediately vested.

	True
	False

Under the safe harbor rules, a withdrawal to pay a child’s college tuition is considered a safe-harbor event.

	True
	False

Hardship withdrawals are a subset of the broader safe harbor events category.

	True
	False

In 2014 and 2015, Sally owns 6 percent of the employer's stock and earns $65,000. Sally will be considered a highly compensated employee for purposes of the actual deferral percentage test for 2015.

	True
	False

An employer that makes one of the qualifying safe-harbor contributions to a 401(k) plan does not have to satisfy the ADP test.

	True
	False

One of the advantages of receiving a distribution in stock from a stock bonus plan or an ESOP is that the unrealized appreciation is not taxed until the stock is sold.

	True
	False

A candidate for an ESOP would like to create a market for his or her shares of the company and possibly leverage the purchase of employer stock using a loan that can increase the employer's deductible contribution beyond the normal threshold for other plan types.

	True
	False

A simplified employee pension (SEP) plan is a retirement plan that uses an IRA as the funding instrument.

	True
	False

A SEP cannot contain a loan provision.

	True
	False
A candidate that has a large number of part-time employees should choose a SEP because it can be designed to exclude part-time employees. True False

An employer can sponsor both a SIMPLE and a money-purchase pension plan.

	True
	False

The employer who has few rank-and-file employees interested in participating in the plan and a modest contribution budget should consider the SIMPLE over the 401(k) plan.

	True
	False

All those who receive payment for services from a qualified tax-exempt organization or public school are considered eligible employees for purposes of making contributions to the organization's 403(b) plan.

	True
	False

Full-time employees willing to defer at least $200 generally have to be eligible to make salary deferrals under a 403(b).

	True
	False

A 403(b) plan that contains employer contributions must satisfy ERISA requirements and meet non-discrimination requirements that apply to qualified plans.

	True
	False

A 403(b) plan cannot be designed to permit participant loans.

	True
	False

Similar to 401(k) plan, a 403(b) plan can allow for a Roth election and provide for automatic enrollment.

	True
	False