NAPA CPFA® Certification Exam (Latest 2026) || Most
Recent Exam 2026|2027 Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Latest
Version | Brand New!!
Explain ERISA exclusive purpose and ERISA prudence rule -
ANSWER-The Exclusive Purpose Rule: A fiduciary must act
solely in the best interest of plan participants.
The Fiduciary Standard of Care: Prudence, Loyalty,
Diversification, Follow the
Plan Document
Identify actions that might establish a fiduciary relationship –
ANSWER-assuming significant control over another person's
property or finances, having a high degree of trust and
confidence placed in you by another party, making decisions
on behalf of someone else with their best interests in mind,
providing professional advice in a field where expertise is
required, managing assets on behalf of another person, and
entering into a legal agreement where one party is explicitly
designated as a fiduciary, such as a trust or will.
Describe roles and responsibilities of the parties involved in
creating plan documents based on plan design - ANSWER-
Advisors: Can be fiduciary or nonfiduciary
,Third Party Administrator (TPA): Testing, Form 5500, eligibility,
contributions, notices
Recordkeeper: Tracks account activity, provides account
access, statements
Independent CPA: Financial reports for plans over 100
participants
Actuaries: Defined Benefit Plans
ERISA Attorneys: Plan documents, amendments, corrections
Explain the different components of an adoption agreement -
ANSWER-• Two
parts: a "checklist" of plan
provisions and a
base plan document
• Pre-approved plans are IRS approved
• Prepared by TPAs and recordkeepers
• Larger plans may use an ERISA attorney and
an individually designed plan
Identify required and optional amendments -
ANSWER-n/a
https://irs.gov/pub/irs-drop/n-
24-82.pdf
Explain importance of successful participant outcomes to
Plan Sponsor and
participants -
ANSWER-n/a
, List considerations for Plan Sponsor to help create successful
participant
outcomes - ANSWER-Participant Education
"Stretch" Match
Automatic Enrollment and/or Escalation
Re-Enrollment
Compare and contrast education approach and behavioral
finance techniques -
ANSWER-
N/A
Explain re-enrollment process - ANSWER-• Default to Target
Date or Managed
accounts
• Results in age-appropriate asset
allocation
• Opt-out
option
Evaluate participant outcome by using gap analysis - ANSWER-
N/A
Explain the roles of service providers - ANSWER-Advisors: Can
be fiduciary or non-fiduciary
Third Party Administrator (TPA): Testing, Form 5500, eligibility,
contributions, notices
Recordkeeper: Tracks account activity, provides account
access, statements
Recent Exam 2026|2027 Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Latest
Version | Brand New!!
Explain ERISA exclusive purpose and ERISA prudence rule -
ANSWER-The Exclusive Purpose Rule: A fiduciary must act
solely in the best interest of plan participants.
The Fiduciary Standard of Care: Prudence, Loyalty,
Diversification, Follow the
Plan Document
Identify actions that might establish a fiduciary relationship –
ANSWER-assuming significant control over another person's
property or finances, having a high degree of trust and
confidence placed in you by another party, making decisions
on behalf of someone else with their best interests in mind,
providing professional advice in a field where expertise is
required, managing assets on behalf of another person, and
entering into a legal agreement where one party is explicitly
designated as a fiduciary, such as a trust or will.
Describe roles and responsibilities of the parties involved in
creating plan documents based on plan design - ANSWER-
Advisors: Can be fiduciary or nonfiduciary
,Third Party Administrator (TPA): Testing, Form 5500, eligibility,
contributions, notices
Recordkeeper: Tracks account activity, provides account
access, statements
Independent CPA: Financial reports for plans over 100
participants
Actuaries: Defined Benefit Plans
ERISA Attorneys: Plan documents, amendments, corrections
Explain the different components of an adoption agreement -
ANSWER-• Two
parts: a "checklist" of plan
provisions and a
base plan document
• Pre-approved plans are IRS approved
• Prepared by TPAs and recordkeepers
• Larger plans may use an ERISA attorney and
an individually designed plan
Identify required and optional amendments -
ANSWER-n/a
https://irs.gov/pub/irs-drop/n-
24-82.pdf
Explain importance of successful participant outcomes to
Plan Sponsor and
participants -
ANSWER-n/a
, List considerations for Plan Sponsor to help create successful
participant
outcomes - ANSWER-Participant Education
"Stretch" Match
Automatic Enrollment and/or Escalation
Re-Enrollment
Compare and contrast education approach and behavioral
finance techniques -
ANSWER-
N/A
Explain re-enrollment process - ANSWER-• Default to Target
Date or Managed
accounts
• Results in age-appropriate asset
allocation
• Opt-out
option
Evaluate participant outcome by using gap analysis - ANSWER-
N/A
Explain the roles of service providers - ANSWER-Advisors: Can
be fiduciary or non-fiduciary
Third Party Administrator (TPA): Testing, Form 5500, eligibility,
contributions, notices
Recordkeeper: Tracks account activity, provides account
access, statements
