Hey! Aspire! How Smart Are You On 403(B) And 457?
Choose or guess well. Prizes are at stake here folks. Take the quiz then stop by the Enrollments area on Wednesday afternoon after 2:30PM for popcorn and prizes. Stop by regardless of how well you do on the quiz, the popcorn is still hot and free for everyone!
There is no career risk in taking the quiz. We won't share your results with anyone, including HR, unless you do so well you win prizes, in which case you'll be recognized with gifts. We want everyone to learn more about 403(b) and 457 at Aspire!
- 1.
Aspire has been in the 403(b) business since:
- A.
1997
- B.
2002
- C.
2008
- D.
Longer than Steve Benson has been alive
Correct Answer
C. 2008Explanation
The correct answer is 2008. This means that Aspire has been in the 403(b) business since 2008.Rate this question:
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- 2.
403(b) and 401(k) both allow participants to contribute directly from their paycheck on a tax deferred basis.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Both 403(b) and 401(k) retirement plans allow participants to contribute directly from their paycheck on a tax deferred basis. This means that the contributions made to these plans are not subject to income tax at the time they are made, allowing individuals to potentially lower their taxable income. The taxes on these contributions are deferred until the funds are withdrawn from the account, typically during retirement when individuals may be in a lower tax bracket. Therefore, the statement is true.Rate this question:
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- 3.
The following employer is generally not allowed to offer their employees a 403(b) plan:
- A.
A public school district
- B.
A church
- C.
A 501(c)(3) not for profit entity
- D.
Your town or city's public library
Correct Answer
D. Your town or city's public libraryExplanation
A 403(b) plan is a retirement savings plan available to employees of certain tax-exempt organizations such as public schools, churches, and nonprofit entities. However, a town or city's public library is generally not allowed to offer a 403(b) plan to its employees. This could be due to the fact that public libraries are often considered government entities rather than tax-exempt organizations. Therefore, they may have different retirement savings options available for their employees.Rate this question:
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- 4.
Teachers and staff members have Aspire as one of their contracted retirement plan provider choices in approximately this many school districts across the USA.
- A.
450
- B.
2200
- C.
3500
- D.
12000
Correct Answer
C. 3500Explanation
Aspire is a retirement plan provider that is available as a choice for teachers and staff members in approximately 3500 school districts across the USA. This means that a significant number of school districts have chosen Aspire as their contracted retirement plan provider, indicating that it is a popular and widely used option among educators and school employees.Rate this question:
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- 5.
Aspire assists public school systems in the completion of tax related documents like the form 5500 because the schools don't have the fund or resources to complete the documents.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Public school districts generally do not have to complete form 5500 for their plan(s). Even if they did, Aspire does not offer tax advice or assistance.Rate this question:
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- 6.
Aspire's 403(b) and 457 business contributes approximately the following percentage to Aspire's total earnings:
- A.
10%
- B.
22%
- C.
40%
- D.
75%
Correct Answer
C. 40%Explanation
Aspire's 403(b) and 457 business contributes approximately 40% to Aspire's total earnings. This means that a significant portion of Aspire's earnings comes from these specific business areas. It indicates that the 403(b) and 457 plans are successful and profitable for Aspire, making them an important source of revenue for the company.Rate this question:
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- 7.
The one things I have always been wondering about 403(b) and 457 is...
Correct Answer
This is a non-graded question - 8.
The following Aspire associates have roles that specialize in 403(b) and/or 457 (check all that apply):
- A.
Amy Finley
- B.
Ted Embras
- C.
Laura Blackwell
- D.
Steve Benson
Correct Answer(s)
A. Amy Finley
B. Ted Embras
C. Laura Blackwell
D. Steve BensonExplanation
The given answer includes all four names mentioned in the question. This suggests that all of these individuals have roles that specialize in 403(b) and/or 457.Rate this question:
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- 9.
Aspire's standard annual record keeping fee for a participant using our program in public school k-12 is:
- A.
$5 plus 5 basis points on plan assets
- B.
$58 per year
- C.
$40 plus 15 basis points on plan assets
- D.
Whatever the advisor wants to charge their customer for record keeping
Correct Answer
C. $40 plus 15 basis points on plan assetsExplanation
The correct answer is $40 plus 15 basis points on plan assets. This means that Aspire charges a flat fee of $40 per year for record keeping, in addition to 15 basis points (0.15%) on the total value of the participant's plan assets. This fee structure ensures that Aspire is compensated for their services while also allowing for a percentage-based fee that is proportional to the size of the participant's assets.Rate this question:
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- 10.
Reasons that advisors and participants love Aspire include:
- A.
Investment choice
- B.
Transparent and fair fees
- C.
The ability to access mutual funds and exchange traded funds
- D.
The gifts we send to them every month
Correct Answer(s)
A. Investment choice
B. Transparent and fair fees
C. The ability to access mutual funds and exchange traded fundsExplanation
Aspire is loved by advisors and participants because it offers a wide range of investment choices, allowing them to diversify their portfolios and tailor their investments to their specific goals and risk tolerance. The platform also provides transparent and fair fees, ensuring that investors understand the costs associated with their investments. Additionally, Aspire allows users to access mutual funds and exchange-traded funds, providing them with a variety of investment options.Rate this question:
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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 17, 2023Quiz Edited by
ProProfs Editorial Team -
Oct 21, 2013Quiz Created by
Aspirefinserv
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