Final Quiz Flashcards
Failure or refusal to file the required Form 5500 with EBSA no later than the seventh month following the close of the plan year will result in a penalty amount of ________ per day.
A. $2,159
B. $1,259
C. $2,259
D. $1,953
C. $2,259
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Criminal penalties may be imposed on any individual or company that willfully violates any ERISA reporting and disclosure requirements. The penalty per conviction could be up to _________.
A. $50,000
B. $150,000
C. $75,000
D. $100,000
D. $100,000
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The ___________ statement is the foundation for how a plan’s investment program is expected to operate.
A. SPD
B. IPS
C. SOC
D. IPD
B. IPS
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The cyber threat that deals with placing intrusive and harmful software on a network computer is ____________.
A. Ransomware
B. Wire transfer email fraud
C. Phishing
D. Malware via external devices
D. Malware via external devices
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ASC Topic _______ establishes financial accounting and reporting standards for the annual financial statements of defined benefit pension plans.
A. 965
B. 962
C. 960
D. 963
C. 960
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The Supreme Court’s decision in ___________ removed a major impediment that blocked plan participants from filing a lawsuit relating to improperly monitored plan investments where the initial decision to add that investment occurred beyond ERISA’s six-year statute of limitations.
A. Hughes
B. Tibble
C. Northwestern
D. Coyne
B. Tibble
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Level 7 of the Healthcare Analytics Adoption Model is easily achievable within ________ months.
A. 12-15
B. 20-36
C. 24-30
D. 24-36
C. 24-30
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The __________ is the minimum amount that a retiree must withdraw from tax-deferred retirement funds, starting at age 73 in 2023.
A. MDR
B. RMD
C. DMR
D. RMR
B. RMD
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April 2023 Study Materials Update, Pgs. 3, 4, and 19
A one-time payment to an executive at the termination of their employment ___________constitute an ERISA-regulated severance plan.
A. does not
B. does
C. may
D. can
A. does not
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A Medicare beneficiary has a lifetime reserve of __________ additional hospital days that may be used when the covered days within a benefit period have been exhausted.
A. 30
B. 90
C. 20
D. 60
D. 60
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ERISA contains a special statutory provision governing venue, which is where a lawsuit under Title 1 can be brought. All of the following are a venue where an action can be commenced, EXCEPT:
A. In the district where the plan is administered
B. Where the breach took place
C. Where the defendant resides or may be found
D. In a district where the plan is not administered
D. In a district where the plan is not administered
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All of the following deferred compensation programs subject to ERISA are commonly referred to as “top hat” plans, EXCEPT:
A. SERPs
B. Non-qualified Deferred Compensation
C. Non-executive compensation
D. Executive compensation
C. Non-executive compensation
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All of the following critical principles are true regarding the high-impact HR operating module, EXCEPT:
A. It is about the business.
B. Being nimble is key. HR demonstrates agility and flexibility.
C. Industry and social networks, the organization’s customers, and the internal market must be integrated.
D. Industry and social networks, the organization’s customers, and the external market must be integrated.
C. Industry and social networks, the organization’s customers, and the internal market must be integrated.
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The investment committee charter should do all of the following, EXCEPT:
A. Define how committee members are selected or appointed
B. Give committee members full liberty to set a schedule for committee meetings
C. Define the roles of any outside consultants
D. Define the governing bodies
B. Give committee members full liberty to set a schedule for committee meetings
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The Summary Plan Description outlines the key features of the plan. All of the following are true, EXCEPT:
A. The SPD has to be written in easily understood language.
B. The SPD outlines the rules for employer contributions and vesting.
C. The SPD describes responsibilities for those involved with the investment program.
D. The SPD defines plan loans and withdrawals.
C. The SPD describes responsibilities for those involved with the investment program.
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