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GBA/RPA 3 MR > M9: Quizzes > Flashcards

M9: Quizzes Flashcards

1
Q

ERISA empowers only participants and ___________ to seek enforcement of the civil penalty sanctions.

A. non-beneficiaries
B. beneficiaries
C. fiduciaries
D. administrators

A

B. beneficiaries

Study Guide pg 14, learning objective 4.4; text 364

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2
Q

Government plans sponsored by a federal, state, or local government are _______relative to ERISA.

A. exempt
B. neither exempt or non-exempt
C. both exempt and non-exempt
D. non-exempt

A

A. exempt

Study Guide pg 12, learning objective 3.2; text 356

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3
Q

An employee pays _________of their wages up to the Social Security Taxable Wage Base.

A. 7.65%
B. 6.20%
C. 7.45%
D. 1.45%

A

A. 7.65%

Study Guide pg 7, learning objective 1.2; text 342

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4
Q

Can oral severance arrangements become regulated by ERISA?

A. It depends
B. Yes
C. Maybe
D. No

A

B. Yes

Study Guide pg 10, learning objective 2.4; text 351-352

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5
Q

This section of ERISA that authorizes a court’s ability to impose stiff civil penalties against plan administrators who fail or refuse to produce certain plan documents upon request in a timely manner is:

A. 501(c)(1)
B. 502(c)(1)(B)
C. 502(c)
D. 502(c)(1)

A

C. 502(c)

Study Guide pg 13, learning objective 4.1; text 362

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6
Q

The statute of limitations for asserting a fiduciary claim is ______ or six years, depending on the circumstances.

A. three
B. two
C. five
D. four

A

A. three

Study Guide pg 7, learning objective 1.5; text 343

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7
Q

In the _______________________ decision, the Supreme Court agreed to a contractual limitations period, provided that it is reasonable in length and not subject to a controlling statute to the contrary.

A. Tibble v. Edison
B. Heimeshoff v. Hartford Life & Accident
C. Donovan v. Dillingham
D. Fort Halifax Packing Co., Inc., v. Coyne

A

B. Heimeshoff v. Hartford Life & Accident

Study Guide pg 7, learning objective 1.6; text 343

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8
Q

Only __________________ may recover the civil penalty under Section 502(c)(1).

A. beneficiaries
B. participants
C. fiduciaries
D. participants and beneficiaries

A

D. participants and beneficiaries

Study Guide pg 14, learning objective 4.4; text 364

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9
Q

All deferred compensation programs subject to ERISA, including executive compensation, SERPs, and similar arrangements are commonly referred to as _____________.

A. low hat plans
B. no hat plans
C. top hat plans
D. unfunded plans

A

C. top hat plans

Text page 345

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10
Q

Section _______ is part of ERISA’s system of civil enforcement provisions articulated in several parts of Section 502.

A. 502(c)(1)
B. 502(b)(1)
C. 501(c)(1)
D. 501(b)(1)

A

A. 502(c)(1)

Text page 362

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11
Q

The statute of limitations for asserting a fiduciary claims is two or six years.

True or False?

A

False

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12
Q

Only participants and beneficiaries may recover the civil penalty under Section 502(c)(1).

True or False?

A

True

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13
Q

ERISA provides an express preemption provision stating that Title IV shall supersede any state laws.

True or False?

A

True

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14
Q

Unfunded excess benefit plans are not exempt from ERISA.

True or False?

A

False

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15
Q

Shifting ordinary W-2 wages (or future wage increases) into employer contributions to a qualified retirement plan creates a relief from payroll taxes for both the employer and employee.

True or False?

A

True

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16
Q

The fact that termination payments extend out over a period of years will not subject the plan to ERISA.

True or False?

A

True

17
Q

An employee pays 6.65% on their wages up to the Social Security Taxable Wage Base for Social Security.

True or False?

A

False

7.65%?

18
Q

It takes a great deal of administrative action to create an ERISA severance plan.

True or False?

A

False

19
Q

It is likely that a one-time payment to an executive at the termination of employment will constitute an ERISA-regulated severance plan.

True or False?

A

False

20
Q

ERISA Section 502(c)(1)(B) authorizes a court’s ability to impose stiff penalties against plan administrators who fail or refuse to timely produce certain plan documents on request.

True or False?

A

True

21
Q

Section ______ of ERISA requires that employee benefit plans be established pursuant to a written instrument.

A. 107
B. 402(1)
C. 402
D. 403(1)

A

C. 402

Text pg 351

22
Q

The fact that termination payments extend out over a period of years ___________subject the plan to ERISA.

A. Will not
B. Will
C. Will never
D. Might

A

A. Will not

Text pg 353

23
Q

The Family and Medical Leave Act (FMLA) was enacted in ___________.

A. 2003
B. 1993
C. 1998
D. 2013

A

B. 1993

Text pg 358

24
Q

FMLA provides for up to ________ weeks of unpaid, job-protected leave for serious health issues.

A. 20
B. 12
C. 10
D. 30

A

B. 12

Text pg 358

25
Q

ERISA Section __________ prohibits direct regulation by states and local jurisdictions of ERISA plans.

A. 401
B. 410
C. 414
D. 402

A

C. 414

Text pg 359

25
Q

Section ____________ authorizes a court’s imposition of stiff civil penalties against plan administrators who fail or refuse to timely produce certain plan documents upon request.

A. 501(c)(1)(B)
B. 502(c)(1)(B)
C. 502(1)(B)
D. 501(1)(B)

A

B. 502(c)(1)(B)

Text pg 362

26
Q

The maximum amount of the civil penalty under Section 502(c)(1) is ___ a day applicable for all violations occurring after July 29, 1997.

A. $125
B. $120
C. $100
D. $110

A

D. $110

Text pg 363

27
Q

An employer pays ___________ percent on each employee’s wages up to the taxable wage base (TWB) and ___________percent on wages above the taxable wage base.

A. 7.65 and 1.45
B. 7.65 and 1.40
C. 6.20 and 1.40
D. 6.20 and 1.45

A

A. 7.65 and 1.45

Text pg 342

28
Q

A multi-employer plan is known as a ___________________ plan.

A. De Novo
B. Taft-Hartley
C. Heimeshoff
D. Top Hat

A

B. Taft-Hartley

Text pg 344

29
Q

The purpose of Section ___________’s civil penalty is not to compensate participants or beneficiaries for injuries, but to induce plan administrators to comply with ERISA’s statutory disclosure mandate and punish administrators for non-compliance with that mandate.

A. 502(c)1
B. 502(c)
C. 501(c)1
D. 502(c)2

A

A. 502(c)1

Text pg 365

30
Q

In Donovan v. Dillingham, the court explained that in order to establish an ERISA severance plan, a reasonable person must be able to ascertain all of the following, EXCEPT:

A. The source of financing
B. The intended benefits
C. The cost of the severance plan
D. The intended beneficiaries and the procedures to follow for receiving benefits

A

C. The cost of the severance plan

Study Guide, Module 9, Page 9, Learning Objective 2.1
Textbook, Page 349

31
Q

The section of ERISA that authorizes a court’s ability to impose stiff civil penalties against plan administrators who fail or refuse to timely produce certain plan documents upon request is:

A. 501(c)(1)(b)
B. 502(b)(1)(c)
C. 501(1)(b)(c)
D. 502(c)(1)(B)

A

D. 502(c)(1)(B)

Study Guide, Module 9, Page 13, Learning Objective 4.1,
Textbook, p. 362

GBA/RPA 3 MR (33 decks)

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