CPFA Exam with Questions and Answers

CPFA Exam with Questions and Answers June is a Plan Sponsor of a small plan and decided she'll be acting as the sole fiduciary of the plan. All of the following are her responsibilities, EXCEPT: A) Give investment advice to participants B) Fill the role of Plan Administrator C) Follow a prudent process when hiring service providers D) Sign and file the Form 5500 ANSWER A) Give investment advice to participants Under ERISA, the Plan Administrator has the following roles, EXCEPT: A) Providing participants with a summary plan description B) Redesigning the plan's employer matching contribution formula C) Distributing required notices to participants D) Providing the plan document to participants who request a copy ANSWER B) Redesigning the plan's employer matching contribution formula Under ERISA, all of the following are Plan Trustee responsibilities, EXCEPT: A) Monitor the investment manager whom the Plan Trustee hired. B) Oversee the Plan Administrator. C) Delegate specific investment duties to a service provider and monitor the service provider's performance. D) Follow participant directions for the investment of contributions, unless the instructions conflict with ERISA. ANSWER B) Oversee the Plan Administrator.