CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
Which of the following parties typically maintains the investment policy
statement? - ANSWERS-plan advisor
The following statement regarding the timing of investment meetings is
not true: - ANSWERS-A IPS must specifically state how often the
investments are reviewed.
Which statement describes a benefit of using target date funds as a
qualified default investment alternative? - ANSWERS-they offer a
professionally managed investment
Which statement regarding investment options is true? - ANSWERS-
asset allocation funds are designed to be the sole investment holding for
a participant
When it comes to plan errors, an advisor's role is not to correct them, but
to - ANSWERS-help avoid them
The form 5500, plan audit, and meeting minutes are not required to -
ANSWERS-be sent to participants.
END OF
PAGE
1
, CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
The plan administrator in the plan document has the responsibility for -
ANSWERS-overseeing the prudent process of adding or changing
fiduciaries. It is also critical that the process for changing fiduciaries be
documented as part of plan best practices.
When a plan contemplates a change in service providers, the advisor can
assist with - ANSWERS-the prudent process, the fiduciaries must follow
to select new service providers.
It is the advisor's responsibility to - ANSWERS-coordinate the timeline
of conversion.
It is the recordkeeper/TPA's responsibility to - ANSWERS-provide the
conversion timeline.
It is the recordkeeper/TPA's responsibility to - ANSWERS-provide
disclosure notices.
END OF
PAGE
2
, CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
It is the plan fiduciary's responsibility to - ANSWERS-distribute
disclosure notices.
It is the responsibility of the record keeper to - ANSWERS-provide
documentation of the conversion process.
It is the plan fiduciary's responsibility to - ANSWERS-retain conversion
due diligence documents.
Under the DOL regulation, many advisors to retirement plans and their
participants will be - ANSWERS-3(21) fiduciaries. They will act
alongside other fiduciary service providers who are also not necessarily
named in the plan document but who exercise discretionary control over
plan provisions or plan investments.
The advisor should educate the - ANSWERS-plan sponsor about hiring
fiduciary service providers, including the different roles service
providers, including the different roles service providers may take on
END OF
PAGE
3
, CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
within the plan, how to select a qualified candidate, and the plan
sponsor's ongoing responsibility to monitor them.
The fiduciary definition has two parts: - ANSWERS-who is a fiduciary
to what extent the person is a fiduciary
Clarifying fiduciary status is arguably incomplete without addressing
both.
A best practice for a service provider's formal description of services
might therefore include two parts: - ANSWERS-a. an acknowledgment
of fiduciary status
b. clarification as to the extent of responsibilities
As a non-fiduciary advisor, you can - ANSWERS-educate your client
and present possible investments for the Retirement Plan Committee
consideration.
END OF
PAGE
4
AND ANSWERS 2026 -
2027
Which of the following parties typically maintains the investment policy
statement? - ANSWERS-plan advisor
The following statement regarding the timing of investment meetings is
not true: - ANSWERS-A IPS must specifically state how often the
investments are reviewed.
Which statement describes a benefit of using target date funds as a
qualified default investment alternative? - ANSWERS-they offer a
professionally managed investment
Which statement regarding investment options is true? - ANSWERS-
asset allocation funds are designed to be the sole investment holding for
a participant
When it comes to plan errors, an advisor's role is not to correct them, but
to - ANSWERS-help avoid them
The form 5500, plan audit, and meeting minutes are not required to -
ANSWERS-be sent to participants.
END OF
PAGE
1
, CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
The plan administrator in the plan document has the responsibility for -
ANSWERS-overseeing the prudent process of adding or changing
fiduciaries. It is also critical that the process for changing fiduciaries be
documented as part of plan best practices.
When a plan contemplates a change in service providers, the advisor can
assist with - ANSWERS-the prudent process, the fiduciaries must follow
to select new service providers.
It is the advisor's responsibility to - ANSWERS-coordinate the timeline
of conversion.
It is the recordkeeper/TPA's responsibility to - ANSWERS-provide the
conversion timeline.
It is the recordkeeper/TPA's responsibility to - ANSWERS-provide
disclosure notices.
END OF
PAGE
2
, CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
It is the plan fiduciary's responsibility to - ANSWERS-distribute
disclosure notices.
It is the responsibility of the record keeper to - ANSWERS-provide
documentation of the conversion process.
It is the plan fiduciary's responsibility to - ANSWERS-retain conversion
due diligence documents.
Under the DOL regulation, many advisors to retirement plans and their
participants will be - ANSWERS-3(21) fiduciaries. They will act
alongside other fiduciary service providers who are also not necessarily
named in the plan document but who exercise discretionary control over
plan provisions or plan investments.
The advisor should educate the - ANSWERS-plan sponsor about hiring
fiduciary service providers, including the different roles service
providers, including the different roles service providers may take on
END OF
PAGE
3
, CPFA EXAM QUESTIONS LATEST
AND ANSWERS 2026 -
2027
within the plan, how to select a qualified candidate, and the plan
sponsor's ongoing responsibility to monitor them.
The fiduciary definition has two parts: - ANSWERS-who is a fiduciary
to what extent the person is a fiduciary
Clarifying fiduciary status is arguably incomplete without addressing
both.
A best practice for a service provider's formal description of services
might therefore include two parts: - ANSWERS-a. an acknowledgment
of fiduciary status
b. clarification as to the extent of responsibilities
As a non-fiduciary advisor, you can - ANSWERS-educate your client
and present possible investments for the Retirement Plan Committee
consideration.
END OF
PAGE
4
