GBA 3 PRACTICE EXAM REAL EXAM QUESTIONS COMPLETE Q & As WITH COMPLETE SOLUTIONS

GBA 3 PRACTICE EXAM REAL EXAM QUESTIONS COMPLETE Q & As WITH COMPLETE SOLUTIONS A global trend taking place in defined contribution retirement plans is: A. Greater reliance on plans with default investments A pension plan investment carries an expense of 2 %. If the expenses are decreased by 50 basis points, what will be the new level of expenses? D. 1.50% A person's Social Security primary insurance amount (PIA) is which of the following? E. The worker's monthly retirement benefit at full retirement age A recent Department of Labor audit quality study showed the percentage of employee benefit plan audits that had "Unacceptable- Major" deficiencies that adversely affected overall audit quality. This percentage was approximately: D. 40% A social security totalization agreement might be involved when an employee takes an international assignment. Which of the following statements best describes the purpose of this type of agreement? C. The agreement provides relief from dual social security coverage and taxation under both systems and integrates or synchronizes the benefits earned under more than one system. An initial Summary Plan Description must be distributed to participants within how many days after the date the plan becomes subject to Employee Retirement Income Security Act (ERISA) disclosure requirements? E. 120 Approximately how many individuals are working in occupations covered by Social Security? E. 9 out of 10 workers At a minimum, if there have been no material changes in the plan, the Employee Retirement Income Security Act requires employers to prepare and distribute new Summary Plan Descriptions to participants at least every: E. 10 years Form 5500 and other financial reports statutorily must be kept for a minimum of how many years after the filing date? D. Six Generally, under best practice standards, how often should an Employee Retirement Income Security Act investment committee meet? Quarterly or twice a year Group health plans that provide dependent coverage must continue to make such coverage available to an adult child up to the age of 26. Which of the following statements regarding this coverage is correct? This coverage must be available even if the child is married. Hospice care benefits available under Medicare are for terminally ill persons who have a life expectancy of how many months or less? Six months How much are the civil penalties imposed by the Employee Retirement Income Security Act against certified public accounting (CPA) firms that perform deficient plan audits? Zero Leaders in the data analytics industry developed a Healthcare Analytics Adoption Model that has a number of levels of analytics adoption that an organization passes through as it gains sophistication in using its data to drive improvement. In this model, what is the highest level of sophistication? Personalized medicine and prescriptive analytics