CEBS: GBA/RPA 3 (new curriculum)
with correct question and answers
2025
ERISA - Correct AnswersEmployee Retirement Income Security Act 1974
SOC Reports - Correct AnswersService Organization Controls: for external vendors
SOC 1 - Correct AnswersInternal Controls & Financial reports; used by auditors
SOC 2 - Correct AnswersSecurity, availability, processing integrity, confidentiality and
privacy controls;used by management, regulators, and others under an NDA
SOC3 - Correct AnswersSame as SOC2, but available for public use.
Tribble V Edison - Correct AnswersLandmark court case re fiduciary responsibility
pertaining to reasonableness of fees. Also, allowed 6 yr statute of limitations to be
based on most recent time fees were applied rather than when fund was added. Greater
exposure for plan sponsor.
SPD-renewals - Correct AnswersRenew every 10 yrs, every 5 years if changes; provide
to ppts no later than 210 days after plan year in which changes were made ends.
QLAC - Correct AnswersQualified Longevity Annuity Contract; individual purchases
contract. Allows individual to delay withdrawing money from retirement account. Must
start by distributions by age 85; Amt of QLAC is not included in amount determined for
an RMD
Plan document should include: - Correct Answers(a) The name(s) of the plan
fiduciary(ies)
(b) Policies and procedures relating to plan administration
(c) Funding requirements
(d) A description of how benefit payments will be made
(e) Claims and appeals procedures
(f) Plan amendment and termination authority and procedures
(g) Method for distribution of plan assets upon plan termination
(h) A statement that plan assets can be used to pay reasonable costs of plan
administration.
Plan Document - Correct AnswersNo set requirements; include plan name, fiduciary,
claims review procedures; funding; eligibility
Summary of Material Modification (SMM) - Correct AnswersMust be delivered within
210 days after the end of the plan year, or within 60 days after a "material reduction" in
, benefits of a group health plan. penalty up to $110/day for not delivering within 30 of
ppt/beneficiary's request
Social Insurance-Fully Insured - Correct Answers40 credits/quarters of coverage
1 credit for each $x earned (2017-$1300)
Adjusted for inflation
Must be fully insured to be eligible for retirement benefits
Currently Insured - Correct AnswersAt least 6 credits in last 13 calendar quarters ending
with quarter of death, disability, or entitlement to retirement benefits.
Disability Insured - Correct AnswersTwo work tests: 1) recent work test; depends on
age at disability. and 2)duration of work test (doesn't require work within a certain period
of time)
FASB ASC 960 - Correct AnswersDefined Benefit Plans; establishes the accounting
and financial reporting standards.
Under DOL
ERs can file one set
FASB ASC 960-which plans - Correct AnswersAll ongoing plans-Funded and Unfunded
that provide pension benefits
a) plans subject to ERISA
b) plans not subject to ERISA
c) plans without intermediary funding agencies or plans financed through trusts,
contracts of insurance or a combination thereof
DOES NOT APPLY to gov sponsored SS plans
FASB ASC 960-Acctg and Reporting - Correct Answersa) accrual basis, include
statement of net assets available at the end of the year and a statement of a change in
assets
b) plan investments- FAIR value except for insur contracts
c) info on actuarial PV and sig changes
d) accumulated plan benefits one of three options:
-face of statement
-net assets available for benefits
-separate statements or in notes of fin statements
e) actuarial PV of accumulated plan benefits baed on EE earnings
2014 DOL Audit quality study - Correct AnswersAlmost 40% of benefit plan audits had
unacceptable major deficiencies
3 types of deficiencies/weaknesses - Correct Answers1)Internal Plan Processes
2)Regulatory requirements
3) Outside Service Providers
with correct question and answers
2025
ERISA - Correct AnswersEmployee Retirement Income Security Act 1974
SOC Reports - Correct AnswersService Organization Controls: for external vendors
SOC 1 - Correct AnswersInternal Controls & Financial reports; used by auditors
SOC 2 - Correct AnswersSecurity, availability, processing integrity, confidentiality and
privacy controls;used by management, regulators, and others under an NDA
SOC3 - Correct AnswersSame as SOC2, but available for public use.
Tribble V Edison - Correct AnswersLandmark court case re fiduciary responsibility
pertaining to reasonableness of fees. Also, allowed 6 yr statute of limitations to be
based on most recent time fees were applied rather than when fund was added. Greater
exposure for plan sponsor.
SPD-renewals - Correct AnswersRenew every 10 yrs, every 5 years if changes; provide
to ppts no later than 210 days after plan year in which changes were made ends.
QLAC - Correct AnswersQualified Longevity Annuity Contract; individual purchases
contract. Allows individual to delay withdrawing money from retirement account. Must
start by distributions by age 85; Amt of QLAC is not included in amount determined for
an RMD
Plan document should include: - Correct Answers(a) The name(s) of the plan
fiduciary(ies)
(b) Policies and procedures relating to plan administration
(c) Funding requirements
(d) A description of how benefit payments will be made
(e) Claims and appeals procedures
(f) Plan amendment and termination authority and procedures
(g) Method for distribution of plan assets upon plan termination
(h) A statement that plan assets can be used to pay reasonable costs of plan
administration.
Plan Document - Correct AnswersNo set requirements; include plan name, fiduciary,
claims review procedures; funding; eligibility
Summary of Material Modification (SMM) - Correct AnswersMust be delivered within
210 days after the end of the plan year, or within 60 days after a "material reduction" in
, benefits of a group health plan. penalty up to $110/day for not delivering within 30 of
ppt/beneficiary's request
Social Insurance-Fully Insured - Correct Answers40 credits/quarters of coverage
1 credit for each $x earned (2017-$1300)
Adjusted for inflation
Must be fully insured to be eligible for retirement benefits
Currently Insured - Correct AnswersAt least 6 credits in last 13 calendar quarters ending
with quarter of death, disability, or entitlement to retirement benefits.
Disability Insured - Correct AnswersTwo work tests: 1) recent work test; depends on
age at disability. and 2)duration of work test (doesn't require work within a certain period
of time)
FASB ASC 960 - Correct AnswersDefined Benefit Plans; establishes the accounting
and financial reporting standards.
Under DOL
ERs can file one set
FASB ASC 960-which plans - Correct AnswersAll ongoing plans-Funded and Unfunded
that provide pension benefits
a) plans subject to ERISA
b) plans not subject to ERISA
c) plans without intermediary funding agencies or plans financed through trusts,
contracts of insurance or a combination thereof
DOES NOT APPLY to gov sponsored SS plans
FASB ASC 960-Acctg and Reporting - Correct Answersa) accrual basis, include
statement of net assets available at the end of the year and a statement of a change in
assets
b) plan investments- FAIR value except for insur contracts
c) info on actuarial PV and sig changes
d) accumulated plan benefits one of three options:
-face of statement
-net assets available for benefits
-separate statements or in notes of fin statements
e) actuarial PV of accumulated plan benefits baed on EE earnings
2014 DOL Audit quality study - Correct AnswersAlmost 40% of benefit plan audits had
unacceptable major deficiencies
3 types of deficiencies/weaknesses - Correct Answers1)Internal Plan Processes
2)Regulatory requirements
3) Outside Service Providers
