Enmgy Q-00090-16-o Series1 Distrib - 1 Cpe Hour For A Score Of At Least 70%

10 Questions | Total Attempts: 44

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Enmgy Q-00090-16-o Series1 Distrib - 1 Cpe Hour For A Score Of At Least 70% - Quiz

JAN/FEB 2016 - SERIES 1 2016DISTRIBUTIONS & LOANSPlease indicate whether each of the following statements is TRUE or FALSE


Questions and Answers
  • 1. 
    Benefit overpayments that cannot be collected directly from the participant who received a plan distribution can now be corrected under EPCRS by recouping the amount of the overpayment from the plan sponsor or a third party.
    • A. 

      True

    • B. 

      False

  • 2. 
    EPCRS was updated in 2015 to reduce the level of compliance fees that apply to plans with statutory participant loan failures, if the participant loan failures are the only issues being submitted through the IRS Voluntary Correction Program. 
    • A. 

      True

    • B. 

      False

  • 3. 
    EPCRS was updated in 2015 to reduce the level of compliance fees that apply to plans with required minimum distribution failures, if the required minimum distribution failures are the only  issues being submitted through the IRS Voluntary Correction Program.
    • A. 

      True

    • B. 

      False

  • 4. 
    EPCRS was updated in 2015 to provide an extended period for distributing elective deferrals to participants with excess annual additions by making it permissible to finalize such corrections within 9-1/2 months after the end of the plan’s 415 limitation year. 
    • A. 

      True

    • B. 

      False

  • 5. 
    Taking proactive steps to counter the potential for missing participant issues to affect severance distributions can include educating plan sponsors to get updated contact information as part of the Exit Interview process. 
    • A. 

      True

    • B. 

      False

  • 6. 
    ∫The contact information requested from employees who are exiting a company may include:  current mailing address; cell phone number; personal e-mail address; and nearest relative name, city/state, phone, email. 
    • A. 

      True

    • B. 

      False

  • 7. 
    The legal parameters for cashout provisions in a terminating defined contribution plan can only be applied to plan participants with a total vested balance of $1,000, or less. 
    • A. 

      True

    • B. 

      False

  • 8. 
    The legal parameters for autorollover provisions in a terminating defined contribution plan can only be applied to plan participants with a total vested balance of $5,000, or less. 
    • A. 

      True

    • B. 

      False

  • 9. 
    If severance distribution processing was carefully monitored and frequent follow ups were made to obtain signed distribution election forms from terminated participants, then the pension firm with such proactive measures should find that very few plans require Form 8955-SSA filings. 
    • A. 

      True

    • B. 

      False

  • 10. 
    TPA firms have the option to outsource some of their plan distribution services to have Penchecks handle issues such as electronic withholding,  automatic rollovers, 1099-R filings, and 945 filings.   
    • A. 

      True

    • B. 

      False

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