Enmgy Q-00093-16-o Series2 Admin - 1 Cpe Hour For A Score Of At Least 70%

10 Questions | Total Attempts: 42

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Enmgy Q-00093-16-o Series2 Admin - 1 Cpe Hour For A Score Of At Least 70%

MAR/APR 2016 - SERIES 2 2016ADMIN & COMPLIANCEPlease indicate whether each of the following statements is TRUE or FALSE


Questions and Answers
  • 1. 
    When census data is requested for calendar plan year clients, it is a Best Practice to state a response deadline that is close to the timing of the employer's W-2 form disclosures, so that the client understands expectations for timely receipt of data which ultimately affects the timing of year-end contribution calculations and compliance testing being done.
    • A. 

      True

    • B. 

      False

  • 2. 
    It is a Best Practice to "validate" calendar plan year census data against the employer's W-3 transmittal form information with respect to the total number of employees and the total medicare wages.
    • A. 

      True

    • B. 

      False

  • 3. 
    It is conceivable that 70 percent to 80 percent of calendar year-end packages can be completed within the normal, 7-month filing deadline for the Form 5500 reporting.
    • A. 

      True

    • B. 

      False

  • 4. 
    Today, it is a Best Practice to delivery all client reports and documentation through a secure client web portal.
    • A. 

      True

    • B. 

      False

  • 5. 
    There is a debate in the pension industry about whether traditional valuations and participant certificates should still be done for daily valuation alliance platform plans, given that there are much more timely releases of year-end financials and quarterly benefit statements from the financial institutions.
    • A. 

      True

    • B. 

      False

  • 6. 
    There is a trend in the pension industry to switch to Cash Basis accounting in the preparation of Forms 5500 for small plan filers, especially with respect to employers maintaining daily valuation platform plans.
    • A. 

      True

    • B. 

      False

  • 7. 
    Some TPA firms are so committed to Cash Basis accounting for their 401(k) plan clients that they also utilize a cash basis method when performing their clients' top-heavy determination calculations.
    • A. 

      True

    • B. 

      False

  • 8. 
    Some TPA firms are so committed to Cash Basis accounting for their 401(k) plan clients that they perform calculations for Required Minimum Distributions on a cash basis.
    • A. 

      True

    • B. 

      False

  • 9. 
    There may be some case situations where contributions should be accrued for purposes of performing top-heavy determinations under the regulations.
    • A. 

      True

    • B. 

      False

  • 10. 
    There may be some case situations where contributions should be accrued for purposes of calculating Required Minimum Distributions under the regulations.
    • A. 

      True

    • B. 

      False

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