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CPFA EXAM VERSION 1 LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Under ERISA, all of the following are Plan Trustee responsibilities,
EXCEPT:
A) Monitor the investment manager whom the Plan Trustee hired.
B) Oversee the Plan Administrator.
C) Delegate specific investment duties to a service provider and
monitor the service provider's performance.
D) Follow participant directions for the investment of contributions,
unless the instructions conflict with ERISA. - ANSWER-B)
Oversee the Plan Administrator.
All of the following may be named fiduciaries in a plan document,
EXCEPT:
A) Plan Sponsor
B) Plan Administrator
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C) Plan Trustee
D) Legal counsel who prepares the plan document - ANSWER-D)
Legal counsel who prepares the plan document
Sue is a plan advisor for the ABC Retirement Plan. On the
agenda for the upcoming ABC Plan Committee meeting is an
action item to replace Len and nominate a new member to the
Committee. Len has been asked to leave the Committee due to
his unsatisfactory attendance at monthly meetings. All of the
following are best practices regarding fiduciary changes,
EXCEPT:
A) Per Len's request, the Committee minutes will exclude the
reason Len was asked to leave the committee.
B) Sue should educate the members on the importance of
documenting fiduciary changes.
C) The Committee minutes should document the process of
naming Len's replacement.
D) The new member should be informed of the goals of the
Committee and attendance requirements. - ANSWER-A) Per
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Len's request, the Committee minutes will exclude the reason Len
was asked to leave the committee.
Sharon is a 3(21) advisor. She is meeting with a potential client
and is preparing for her
meeting. All of the following are services that Sharon may offer
the prospect, EXCEPT:
A) Attend the client's investment committee meetings.
B) Create the agendas for the client's investment committee
meetings.
C) Assist with the review of the investments.
D) Make decision to replace funds on the watch list pursuant to
the investment policy statement, prior to attending the investment
committee meeting. - ANSWER-D) Make decision to replace
funds on the watch list pursuant to the investment policy
statement, prior to attending the investment committee meeting.
All of the following represent potential breaches of fiduciary
responsibility by plan
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fiduciaries, EXCEPT:
A) A Plan Trustee delegates some of his responsibilities to a
discretionary trustee who he continues to monitor.
B) A Plan Sponsor chooses a bank's recordkeeping service
without performing due diligence because the bank provides
reduced rates on corporate banking services.
C) A Plan Trustee deposits weekly payroll deferrals at the end of
the quarter.
D) A Plan Sponsor appoints a consultant to monitor the plan's
service provider but then ignores the consultant's findings. -
ANSWER-A) A Plan Trustee delegates some of his
responsibilities to a discretionary trustee who he continues to
monitor.
All of the following statements represent the DOL's role in
overseeing plans, EXCEPT:
A) Upon investigation the DOL may request information to identify
whether a prohibited transaction has occurred.
CPFA EXAM VERSION 1 LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Under ERISA, all of the following are Plan Trustee responsibilities,
EXCEPT:
A) Monitor the investment manager whom the Plan Trustee hired.
B) Oversee the Plan Administrator.
C) Delegate specific investment duties to a service provider and
monitor the service provider's performance.
D) Follow participant directions for the investment of contributions,
unless the instructions conflict with ERISA. - ANSWER-B)
Oversee the Plan Administrator.
All of the following may be named fiduciaries in a plan document,
EXCEPT:
A) Plan Sponsor
B) Plan Administrator
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C) Plan Trustee
D) Legal counsel who prepares the plan document - ANSWER-D)
Legal counsel who prepares the plan document
Sue is a plan advisor for the ABC Retirement Plan. On the
agenda for the upcoming ABC Plan Committee meeting is an
action item to replace Len and nominate a new member to the
Committee. Len has been asked to leave the Committee due to
his unsatisfactory attendance at monthly meetings. All of the
following are best practices regarding fiduciary changes,
EXCEPT:
A) Per Len's request, the Committee minutes will exclude the
reason Len was asked to leave the committee.
B) Sue should educate the members on the importance of
documenting fiduciary changes.
C) The Committee minutes should document the process of
naming Len's replacement.
D) The new member should be informed of the goals of the
Committee and attendance requirements. - ANSWER-A) Per
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Len's request, the Committee minutes will exclude the reason Len
was asked to leave the committee.
Sharon is a 3(21) advisor. She is meeting with a potential client
and is preparing for her
meeting. All of the following are services that Sharon may offer
the prospect, EXCEPT:
A) Attend the client's investment committee meetings.
B) Create the agendas for the client's investment committee
meetings.
C) Assist with the review of the investments.
D) Make decision to replace funds on the watch list pursuant to
the investment policy statement, prior to attending the investment
committee meeting. - ANSWER-D) Make decision to replace
funds on the watch list pursuant to the investment policy
statement, prior to attending the investment committee meeting.
All of the following represent potential breaches of fiduciary
responsibility by plan
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fiduciaries, EXCEPT:
A) A Plan Trustee delegates some of his responsibilities to a
discretionary trustee who he continues to monitor.
B) A Plan Sponsor chooses a bank's recordkeeping service
without performing due diligence because the bank provides
reduced rates on corporate banking services.
C) A Plan Trustee deposits weekly payroll deferrals at the end of
the quarter.
D) A Plan Sponsor appoints a consultant to monitor the plan's
service provider but then ignores the consultant's findings. -
ANSWER-A) A Plan Trustee delegates some of his
responsibilities to a discretionary trustee who he continues to
monitor.
All of the following statements represent the DOL's role in
overseeing plans, EXCEPT:
A) Upon investigation the DOL may request information to identify
whether a prohibited transaction has occurred.
