CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
Who is responsible to Retain conversion due diligence documents?
A) Advisor
B) Plan Fiduciary
C) Recordkeeper/ TPA
B
Who is responsible to Coordinate service providers?
A) Advisor
B) Plan Fiduciary
C) Recordkeeper/ TPA
A
All of these documents can be used to demonstrate a prudent
process when changing service providers, EXCEPT:
A) RFP
B) Committee meeting minutes
C) Fee benchmarking report
D) Blackout notice
E) Documentation from HR showing service provider problems
D
All of the following are attributes of an effective Retirement Plan
Committee, EXCEPT:
A) Members must commit to serve for a three-year period
B) Number of members are an odd number to facilitate the voting
END OF
PAGE
1
, CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
process
C) Members use a Fiduciary checklist when performing their duties
D) Meetings are held at least annually
A
All of the following are actions of an effective Retirement Plan
committee, EXCEPT:
A) Establishing a retirement plan committee charter
B) Using a template investment policy statement for investment
oversight
C) Creating a list of committee responsibilities
D) Holding regularly scheduled meetings
B
All of the following statements are best practices for fiduciary
training, EXCEPT:
A) Developing a Fiduciary checklist for Retirement Plan committee
members
B) Documenting the fiduciary training
C) Scheduling fiduciary training sessions to coincide with
investment line-up changes
D) Scheduling a meeting that is solely devoted to fiduciary training
C
END OF
PAGE
2
, CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
Tom is a participant in the XYZ 401(k) plan and wants to roll over
his account balance from his previous company's plan into the XYZ
plan. He asks the human resource assistant for help. Which
statement identifies the action that the assistant should take?
A) Contact the TPA or service provider to get information
regarding the rollover procedures for the XYZ Plan.
B) Tell the employee his accountant must provide a tax analysis to
HR before the rollover can take place
C) Tell the employee the rollover will take place after the Plan's
Investment Committee approves the rollover
D) Tell the employee he may want to postpone the rollover due to
economic conditions
A
Jack is an employee with Company LMN. He calls Jill, the HR
manager, to ask how he can update his 401(k) beneficiary
information. What should Jill do?
A) Contact the recordkeeper or TPA to find out the process for
updating beneficiary information.
B) Have Jack send an email with his new beneficiaries' names to HR
C) Inform Jack that the beneficiary information may only be
updated once per year
D) Inform Jack that he cannot change the beneficiary since his
spouse is the default beneficiary
END OF
PAGE
3
, CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
A
All of the following statements regarding the Retirement Plan
committee's role in the fiduciary due diligence process are TRUE,
EXCEPT:
A) Certify to the DOL that fiduciaries have received fiduciary
training
B) Document that a prudent investment review process is in place
C) Provide a structured way to review plan's goals and set priorities
D) Assist in monitoring the investment options in accordance with
the plan's investment policy statement
A
All of the following documents may demonstrate a prudent process
when changing service providers, EXCEPT:
A) Participant rollover form
B) Documentation of the decision to replace the current provider
C) Documentation of participant complaints regarding the current
provider
D) Request for proposal created for the provider search
A
All of the following are the plan advisor's role when working with a
Retirement Plan committee, EXCEPT:
A) Explaining the purpose and goals for the meetings
END OF
PAGE
4
AND ANSWERS 2026 -
2027
Who is responsible to Retain conversion due diligence documents?
A) Advisor
B) Plan Fiduciary
C) Recordkeeper/ TPA
B
Who is responsible to Coordinate service providers?
A) Advisor
B) Plan Fiduciary
C) Recordkeeper/ TPA
A
All of these documents can be used to demonstrate a prudent
process when changing service providers, EXCEPT:
A) RFP
B) Committee meeting minutes
C) Fee benchmarking report
D) Blackout notice
E) Documentation from HR showing service provider problems
D
All of the following are attributes of an effective Retirement Plan
Committee, EXCEPT:
A) Members must commit to serve for a three-year period
B) Number of members are an odd number to facilitate the voting
END OF
PAGE
1
, CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
process
C) Members use a Fiduciary checklist when performing their duties
D) Meetings are held at least annually
A
All of the following are actions of an effective Retirement Plan
committee, EXCEPT:
A) Establishing a retirement plan committee charter
B) Using a template investment policy statement for investment
oversight
C) Creating a list of committee responsibilities
D) Holding regularly scheduled meetings
B
All of the following statements are best practices for fiduciary
training, EXCEPT:
A) Developing a Fiduciary checklist for Retirement Plan committee
members
B) Documenting the fiduciary training
C) Scheduling fiduciary training sessions to coincide with
investment line-up changes
D) Scheduling a meeting that is solely devoted to fiduciary training
C
END OF
PAGE
2
, CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
Tom is a participant in the XYZ 401(k) plan and wants to roll over
his account balance from his previous company's plan into the XYZ
plan. He asks the human resource assistant for help. Which
statement identifies the action that the assistant should take?
A) Contact the TPA or service provider to get information
regarding the rollover procedures for the XYZ Plan.
B) Tell the employee his accountant must provide a tax analysis to
HR before the rollover can take place
C) Tell the employee the rollover will take place after the Plan's
Investment Committee approves the rollover
D) Tell the employee he may want to postpone the rollover due to
economic conditions
A
Jack is an employee with Company LMN. He calls Jill, the HR
manager, to ask how he can update his 401(k) beneficiary
information. What should Jill do?
A) Contact the recordkeeper or TPA to find out the process for
updating beneficiary information.
B) Have Jack send an email with his new beneficiaries' names to HR
C) Inform Jack that the beneficiary information may only be
updated once per year
D) Inform Jack that he cannot change the beneficiary since his
spouse is the default beneficiary
END OF
PAGE
3
, CPFA TEST QUESTIONS LATEST
AND ANSWERS 2026 -
2027
A
All of the following statements regarding the Retirement Plan
committee's role in the fiduciary due diligence process are TRUE,
EXCEPT:
A) Certify to the DOL that fiduciaries have received fiduciary
training
B) Document that a prudent investment review process is in place
C) Provide a structured way to review plan's goals and set priorities
D) Assist in monitoring the investment options in accordance with
the plan's investment policy statement
A
All of the following documents may demonstrate a prudent process
when changing service providers, EXCEPT:
A) Participant rollover form
B) Documentation of the decision to replace the current provider
C) Documentation of participant complaints regarding the current
provider
D) Request for proposal created for the provider search
A
All of the following are the plan advisor's role when working with a
Retirement Plan committee, EXCEPT:
A) Explaining the purpose and goals for the meetings
END OF
PAGE
4
