CPFA EXAM (NAPA) LATEST
What are the most important actions to prevent common plan errors?
(Select 3)
I. Setting up a good governance process
II. Reviewing the plan document and amendments at least annually
III. Assuring that principal employees' contributions are maximized each
year
IV. Working with service providers to verify timing of deferral deposits
V. Offering a self-directed brokerage account
a. I,II,V
b. I,II,IV
c. II,III,IV
d. II,IV,V - ANSWERS-b. I,II,IV
END OF
PAGE
1
, CPFA EXAM (NAPA) LATEST
How often are the fee disclosure notices distributed to participants?
(Select 2)
I. Full notice, annually
II. Participant account fees, quarterly
III. Full notice, monthly
IV. Never, fee disclosure notices are available online to the participants
a. I, II
b. I, IV
c. II, III
d. III, IV - ANSWERS-a. I, II
What documents may be required to be distributed to participants at least
once a year? (Select 4)
I. Participant benefit statements
END OF
PAGE
2
, CPFA EXAM (NAPA) LATEST
II. 401(k) safe harbor notices (if applicable)
III. Participant fee disclosure
IV. Summary annual report
V. Form 5500
VI. Plan audit
VII. Retirement plan committee meeting minutes
a. I,II,III,VII
b. III,IV,V,VII
c. I,II,III,IV - ANSWERS-c. I,II,III,IV
All the tasks below are responsibilities of an advisor related to
retirement plan committee meetings EXCEPT (Select 3):
END OF
PAGE
3
, CPFA EXAM (NAPA) LATEST
I. Recommend that committee members receive fiduciary training
II. Assist the committee with their roles and responsibilities
III. Educate the committee on the importance of documentation
IV. Communicate plan changes as a result of committee meetings to the
plan's service providers
V. Select the committee members
VI. Vote on committee decisions
VII. Oversee the service providers
a. I, III, IV
b. II, V, VI
c. IV, V, VI
END OF
PAGE
4
What are the most important actions to prevent common plan errors?
(Select 3)
I. Setting up a good governance process
II. Reviewing the plan document and amendments at least annually
III. Assuring that principal employees' contributions are maximized each
year
IV. Working with service providers to verify timing of deferral deposits
V. Offering a self-directed brokerage account
a. I,II,V
b. I,II,IV
c. II,III,IV
d. II,IV,V - ANSWERS-b. I,II,IV
END OF
PAGE
1
, CPFA EXAM (NAPA) LATEST
How often are the fee disclosure notices distributed to participants?
(Select 2)
I. Full notice, annually
II. Participant account fees, quarterly
III. Full notice, monthly
IV. Never, fee disclosure notices are available online to the participants
a. I, II
b. I, IV
c. II, III
d. III, IV - ANSWERS-a. I, II
What documents may be required to be distributed to participants at least
once a year? (Select 4)
I. Participant benefit statements
END OF
PAGE
2
, CPFA EXAM (NAPA) LATEST
II. 401(k) safe harbor notices (if applicable)
III. Participant fee disclosure
IV. Summary annual report
V. Form 5500
VI. Plan audit
VII. Retirement plan committee meeting minutes
a. I,II,III,VII
b. III,IV,V,VII
c. I,II,III,IV - ANSWERS-c. I,II,III,IV
All the tasks below are responsibilities of an advisor related to
retirement plan committee meetings EXCEPT (Select 3):
END OF
PAGE
3
, CPFA EXAM (NAPA) LATEST
I. Recommend that committee members receive fiduciary training
II. Assist the committee with their roles and responsibilities
III. Educate the committee on the importance of documentation
IV. Communicate plan changes as a result of committee meetings to the
plan's service providers
V. Select the committee members
VI. Vote on committee decisions
VII. Oversee the service providers
a. I, III, IV
b. II, V, VI
c. IV, V, VI
END OF
PAGE
4
