Enmgy E-00075-15-o Series4 Ethics - 1 Cpe Hour For A Score Of At Least 70%

10 Questions | Total Attempts: 32

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Enmgy E-00075-15-o Series4 Ethics - 1 Cpe Hour For A Score Of At Least 70%

JULY/AUGUST 2015 - SERIES 4 2015ETHICS & PROFESSIONALISMPlease indicate whether each of the following statements is TRUE or FALSE


Questions and Answers
  • 1. 
    In a Code of Ethics, Competence and Qualification Standards can be interpreted by practitioners to mean that when they are faced with a decision to take on a new area of client services, professionals have the choice of either getting up to speed through education and training or turning down the opportunity.
    • A. 

      True

    • B. 

      False

  • 2. 
    It is legitimate for a governmental plan to provide for 10-year cliff vesting. 
    • A. 

      True

    • B. 

      False

  • 3. 
    When an individual is participating in both a 403(b) plan and a 457(b) governmental plan, it is theoretically possible that the participant can make salary deferrals up to the annual 402(g) limit in each of those plans.
    • A. 

      True

    • B. 

      False

  • 4. 
    There is a potential ethical issue when a practitioner is dealing with a transfer of records request from a client who has not paid outstanding invoices. 
    • A. 

      True

    • B. 

      False

  • 5. 
    In risk assessment, a client who is threatening to leave a service provider at a point when there are unresolved compliance issues is one of the worst case scenarios for potential liability that could arise down the line. 
    • A. 

      True

    • B. 

      False

  • 6. 
    In a Code of Ethics, clauses about Professional Integrity are designed to ensure that Professional Services are performed with honesty, integrity, skill, and care. 
    • A. 

      True

    • B. 

      False

  • 7. 
    When a TPA firm has a recent takeover case that becomes the subject of an IRS audit, it may be a good idea to send a heads up notification to the prior service provider to indicate that an audit is taking place with respect to plan years for which they provided plan services. 
    • A. 

      True

    • B. 

      False

  • 8. 
    When a TPA firm has a recent takeover case that becomes the subject of an IRS audit when it is known that there are compliance defects, the new TPA firm may want to decline handling the IRS audit in favor of making a recommendation that the employer assign Power of Attorney to a reputable ERISA attorney. 
    • A. 

      True

    • B. 

      False

  • 9. 
    When a qualified plan sponsor has received a notice that an IRS audit is going to take place, the window of opportunity to correct significant plan defects through VCP is closed. 
    • A. 

      True

    • B. 

      False

  • 10. 
    When a qualified plan is under IRS audit, it is still possible for a Power of Attorney representative to disclose and work to resolve “insignificant” operational defects through negotiations with the IRS. 
    • A. 

      True

    • B. 

      False

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