Sample Quiz 2 - This Is A Practice Exam, Worth Zero Cpe Credits

10 Questions | Total Attempts: 66

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Service Quizzes & Trivia

SAMPLE QUIZ 2Provided as a PRACTICE EXAMDesigned to help familiarize candidates with our Quiz systemPlease indicate whether each of the following statements is TRUE or FALSE


Questions and Answers
  • 1. 
    Pension Service Firms have customarily made it part of the plan installation process to apply for Trust ID numbers for Employer Plans by completing a Form SS-4.
    • A. 

      True

    • B. 

      False

  • 2. 
    PPA restatement documents must be adopted by defined contribution plan sponsors during the 2-year window period that began May 1, 2014 and ends on April 30, 2016.
    • A. 

      True

    • B. 

      False

  • 3. 
    The Trust ID number is shown on the annual Form 5500 return.  
    • A. 

      True

    • B. 

      False

  • 4. 
    The IRS Form 945 is designed to report federal withholding tax amounts with respect to plan distributions.
    • A. 

      True

    • B. 

      False

  • 5. 
    The Trust ID number should be used (instead of the Employer’s Tax ID number) to transmit electronic withholding for plan distributions.
    • A. 

      True

    • B. 

      False

  • 6. 
    The Trust ID number should be used (instead of a Sole Proprietor’s Social Security number) on brokerage statements for the Sole Proprietor’s tax-exempt retirement trust account.
    • A. 

      True

    • B. 

      False

  • 7. 
    When an Employer/Plan Sponsor utilizes a daily valuation recordkeeping platform with John Hancock, John Hancock’s master trust ID number is used for electronic withholding transmittals to be done.
    • A. 

      True

    • B. 

      False

  • 8. 
    Trust ID numbers are more essential to Employers/Plan Sponsors with investments that are held in pooled trusts or self-directed brokerage accounts.
    • A. 

      True

    • B. 

      False

  • 9. 
    The Trust ID number is shown on the Forms 1099-R.
    • A. 

      True

    • B. 

      False

  • 10. 
    It is a Best Practice for HR services to provide a package of retirement plan disclosures (such as the SPD) and enrollment paperwork to employees in conjunction with their Plan Entry Date(s). 
    • A. 

      True

    • B. 

      False

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