CISP Exam Test Prep | 100% Correct Answers | Verified | Latest 2024 Version

What did the UCA create? - Unemployment compensation amendment (1992) What 3 documents are required when establishing an IRA? - Plan agreement, disclosure statement, and financial statement What type of IRA can distribute funds tax free? - Roth IRA Name the types of IRA's - Roth, Traditional, Simple, SEP What is the plan agreement? - Trust Document that contains articles that outline rules governing the IRA. (IRS form 5305 is most used) hat did the ERISA allow as a maximum annual contribution? (Employee retirement income security act) - $1,500 When are financial disclosures required and when do they need to be amended? - They are required upon account establishment and never required to be amended. What year was the first IRA established? - 1975 What form ensures rightful heirs receive IRA proceeds? - Beneficiary designation form What law created Roth IRA's - Taxpayer relief act of 1997 What type of IRA allows employees to defer a portion of their wages to a retirement plan? - Simple IRA What year was the ERISA into law? - 1974What is the trust document that outlines the rules of governing the IRA called? - The plan agreement What is the law that provides protection over pensions & health plans? - The employee retirement income security act (ERISA-1974) What is apart of "Catch- All" amendment? - Sending new plan agreements and disclosure statements to all clients. Simple IRAs can be transferred to a traditional after how many years? - 2 years How many years after the COVID-19 Distribution was taken, can