IRM Exam 1 Extra Questions and
Answers12
a business tax credit for startup cost may be taken away at any time during the plan
true or false - ANSWERS-false
Which of the following are true regarding retroactive amendments
a. allows plan sponsors to retroactively eliminate disqualifying provisions
b. retroactive amendments can be made up to the employers tax filing date excluding
extensions.
c. retroactive amendments can be made up to the employers tax filing date, including
extensions
d. a and b
e. a and c - ANSWERS-E. A and C
Volume submitter and prototype plan documents have a ___ remedial amendment cycle.
a. 6 year
b. two week
c. 5 year
d. ten day
e. 1 year - ANSWERS-A. Six Year
, A volume submitter plan differs from a prototype because it
a. cost more than prototype
b. does not contain standardized text
c. uses a single financial institute
d. cant be modified
e. encourages nondiscriminatory action - ANSWERS-C.
ERISA requires report and disclosure of benefits to plan participants under the - ANSWERS-
Summary Plan Descriptions, Summary Annual Report, Individual Accrued Benefit Statement (All
of the above)
The "small welfare plan exemption" that exempts an employer from filing an annual report
applies to welfare plans
a.with fewer than 100 participants
b.that are fully insured
c.that are paid out of employer's general assets
d.all of the above
e.only a and b - ANSWERS-D all of the above
A summary plan description is a - ANSWERS-summary of the provisions of the plan in plain
language
Which of the following are requirements that must be met before loans from a qualified plan
may be allowed
1. loans are available to all participants and beneficiaries on a reasonably equivalent basis
Answers12
a business tax credit for startup cost may be taken away at any time during the plan
true or false - ANSWERS-false
Which of the following are true regarding retroactive amendments
a. allows plan sponsors to retroactively eliminate disqualifying provisions
b. retroactive amendments can be made up to the employers tax filing date excluding
extensions.
c. retroactive amendments can be made up to the employers tax filing date, including
extensions
d. a and b
e. a and c - ANSWERS-E. A and C
Volume submitter and prototype plan documents have a ___ remedial amendment cycle.
a. 6 year
b. two week
c. 5 year
d. ten day
e. 1 year - ANSWERS-A. Six Year
, A volume submitter plan differs from a prototype because it
a. cost more than prototype
b. does not contain standardized text
c. uses a single financial institute
d. cant be modified
e. encourages nondiscriminatory action - ANSWERS-C.
ERISA requires report and disclosure of benefits to plan participants under the - ANSWERS-
Summary Plan Descriptions, Summary Annual Report, Individual Accrued Benefit Statement (All
of the above)
The "small welfare plan exemption" that exempts an employer from filing an annual report
applies to welfare plans
a.with fewer than 100 participants
b.that are fully insured
c.that are paid out of employer's general assets
d.all of the above
e.only a and b - ANSWERS-D all of the above
A summary plan description is a - ANSWERS-summary of the provisions of the plan in plain
language
Which of the following are requirements that must be met before loans from a qualified plan
may be allowed
1. loans are available to all participants and beneficiaries on a reasonably equivalent basis
