Question: All of the following employees may use a 403(b) plan for their retirement EXCEPT

Answer: The CEO of a private corporation

Question: All of the following are general requirements of a qualified plan EXCEPT

Answer: The plan must provide an offset for social security benefits.

Question: Employer contributions made to a qualified plan

Answer: Are subject to vesting requirements

Question: Under a SIMPLE plan, which of the following is TRUE regarding taxation on both contributions and earnings?

Answer: They are tax deferred on both contributions and earnings until funds are withdrawn.

Question: Which of the following describes the tax advantage of a qualified retirement plan?

Answer: The earnings in the plan accumulate tax deferred.

Question: All of the following would be eligible to establish a Keogh retirement plan EXCEPT

Answer: The president and employee of a family corporation.

Question: Which of the following is an IRS qualified retirement program for the self-employed?

Answer: Keogh

Question: If a retirement plan or annuity is “qualified,” this means

Answer: It is approved by the IRS.

Question: If a company has a Simplified Employee Pension plan, what type of plan is it?

Answer: A qualified plan for a small business

Question: Under SIMPLE plans, participating employees may defer up to a specified amount each year, and the employer then makes a matching contribution up to an amount equal to what percent of the employee’s annual wages?

Answer: 3