CPFA Practice Exam | 74 Questions with 100% Correct Answers | Verified | 31 Pages

A) A TPA performs annual compliance testing. - - - Which statement regarding service providers is TRUE? A) A TPA performs annual compliance testing. B) A recordkeeper has the legal obligation to provide an interpretation of a plan provision. C) An accountant processes the "money out" for a participant account. D) A plan advisor is responsible for drafting annual safe harbor notices. A) Provides efficient contribution and distribution processes. - - - Which statement regarding bundled service arrangements is TRUE? A) Provides efficient contribution and distribution processes. B) Requires less fiduciary oversight than an unbundled service arrangement. C) Permits for specific single provider within the arrangement to be easily removed and replaced with another provider. D) Typical arrangement involves a TPA and an insurance company. A) Combining auto-enrollment with targeted education. - - - Based on behavioral finance research, which of the following is a best practice for producing successful participant outcomes?