RPA 1 Mid Term

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| By Threva

Threva

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Quizzes Created: 1 | Total Attempts: 294

Questions: 7 | Attempts: 296 | Updated: Mar 16, 2023

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Questions and Answers

1.

Define Retirement
- A.
  
  Retirement is when decides to stop working and then go back into the work force
- B.
  
  I when a person's maxium earning falls below 40%
- C.
  
  Retirement is when a person cease to be employed
Correct Answer
C. Retirement is when a person cease to be employed

Explanation
Retirement is the state in which a person stops being employed or working. It is the phase of life when an individual chooses to withdraw from their occupation, usually after reaching a certain age or fulfilling specific requirements. During retirement, individuals typically rely on savings, pensions, or other sources of income to support themselves instead of actively working.

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2.

A good pension plan improves the employer's competitive position
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A good pension plan improves the employer's competitive position because it helps attract and retain talented employees. Offering a competitive pension plan can make a company more attractive to job seekers, giving them an edge over other employers who may not provide such benefits. Additionally, a good pension plan can help increase employee loyalty and morale, leading to higher productivity and lower turnover rates. This ultimately enhances the employer's competitive position in the job market.

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3.

What is a define benefit plan ?
- A.
  
  Employees must contribute to plan
- B.
  
  Define benefit plans are plan where the total amount of money required to provide benefits are determined on an actuarial basis.
- C.
  
  No one can determine how much the employee will get until he/she are retired
Correct Answer
B. Define benefit plans are plan where the total amount of money required to provide benefits are determined on an actuarial basis.

Explanation
A defined benefit plan is a retirement plan in which the employer guarantees a specific benefit amount to the employee upon retirement. The total amount of money required to provide these benefits is determined based on actuarial calculations. Unlike defined contribution plans, where employees contribute to the plan, in defined benefit plans, the employer bears the responsibility for funding the plan. The specific benefit amount that an employee will receive upon retirement cannot be determined until they actually retire.

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4.

What is Flat Benefit Penison Plan ?
- A.
  
  It is difficult to understand and calculate
- B.
  
  It a type of pension that is supplemental to CPP
- C.
  
  I determines how much you earn pays a set amount for each year time years of service
- D.
  
  Flat benefit or uniform benefit pension plan is specified number of dollars for each year of service
Correct Answer
D. Flat benefit or uniform benefit pension plan is specified number of dollars for each year of service

Explanation
pg 16-17 Text

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5.

All are true about Career Average Earning Pension Plan EXCEPT
- A.
  
  It is a form of Define Benefit Plan
- B.
  
  It is calculated using the a % of each year of plan membership
- C.
  
  All the employees earning are averaged then a % calculated time the years of service
- D.
  
  This type of plan is normally integrated with C/QPP
Correct Answer
B. It is calculated using the a % of each year of plan membership

Explanation
pg 17 Text

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6.

What are the three pillar struture of retirement income system ?
- A.
  
  CPP, OAS GIS
- B.
  
  Government-Admin/sponsored plan, Employer Sponsored and Individually Sponsored
- C.
  
  Employer-sponsored retirement and saving program and Investment Management pla
Correct Answer
B. Government-Admin/sponsored plan, Employer Sponsored and Individually Sponsored

Explanation
The three pillar structure of the retirement income system includes a government-administered or sponsored plan, an employer-sponsored plan, and an individually sponsored plan. The government-administered or sponsored plan refers to programs such as the Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). The employer-sponsored plan involves retirement and saving programs provided by employers to their employees. Lastly, the individually sponsored plan refers to personal investment and savings strategies for retirement, such as individual retirement accounts (IRAs) or personal savings accounts.

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7.

What is the role of Courts played in the evolution of the pension system
- A.
  
  During pension reform the courts dealt with plan governance and set precedents to establish the existence and extent of fiduciary responsibilities of those involve in the pension plan
- B.
  
  The court basically followed the law there were not need to get invovled
- C.
  
  Fiduciary duties of trustees of plan is not important
- D.
  
  The court did not need to scrutize government programs
Correct Answer
A. During pension reform the courts dealt with plan governance and set precedents to establish the existence and extent of fiduciary responsibilities of those involve in the pension plan

Explanation
MPM p 1.A8

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Current Version
Mar 16, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 11, 2011

Quiz Created by
Threva

Rpa 1 Mid Term

Define Retirement

A good pension plan improves the employer's competitive position

What is a define benefit plan ?

What is Flat Benefit Penison Plan ?

All are true about Career Average Earning Pension Plan EXCEPT

What are the three pillar struture of retirement income system ?

What is the role of Courts played in the evolution of the pension system