AIF EXAMINATION TEST 2026 QUESTIONS
WITH ANSWERS GRADED A+
◉ UPIA. Answer: For private trusts
Regulated by State Attorney General
◉ UPMIFA. Answer: For foundations and endowments
Regulated by State Attorney General
◉ UMPERSA. Answer: Public Retirement Funds
Regulated by State Attorney General
◉ IAA. Answer: RIA or IAR activities--can apply along with other
regulations
Regulated by SEC or State Securities Administration
◉ Taft-Hartley. Answer: Union retirement plans
Multiple employers pay into the same retirement plan
, Governed by ERISA and Labor Management Relations Act of 1947
Investment committees made up of management and rank & file
members
◉ Corporate retirement plans. Answer: Pension Protection Act 2006 and
ERISA address Safe Harbor opportunities for employers to take
advantage of
◉ Employee Welfare Plans. Answer: cover medical, surgical, hospital
care
Sick leave/vacation/disability
Day care
Scholarship funds
◉ Private Trusts. Answer: 9 states have not adapted UPIA to regulate
General economic decisions
Expected return
Holistic approach to investment practices - loss in single asset class is
not considered failure as long as practices are followed
Removes restrictions on certain types of investments
Permits delegation of investment decisions
◉ UPMIFA Requirements. Answer: Private foundations - 5% spending
requirement and a controlled board
WITH ANSWERS GRADED A+
◉ UPIA. Answer: For private trusts
Regulated by State Attorney General
◉ UPMIFA. Answer: For foundations and endowments
Regulated by State Attorney General
◉ UMPERSA. Answer: Public Retirement Funds
Regulated by State Attorney General
◉ IAA. Answer: RIA or IAR activities--can apply along with other
regulations
Regulated by SEC or State Securities Administration
◉ Taft-Hartley. Answer: Union retirement plans
Multiple employers pay into the same retirement plan
, Governed by ERISA and Labor Management Relations Act of 1947
Investment committees made up of management and rank & file
members
◉ Corporate retirement plans. Answer: Pension Protection Act 2006 and
ERISA address Safe Harbor opportunities for employers to take
advantage of
◉ Employee Welfare Plans. Answer: cover medical, surgical, hospital
care
Sick leave/vacation/disability
Day care
Scholarship funds
◉ Private Trusts. Answer: 9 states have not adapted UPIA to regulate
General economic decisions
Expected return
Holistic approach to investment practices - loss in single asset class is
not considered failure as long as practices are followed
Removes restrictions on certain types of investments
Permits delegation of investment decisions
◉ UPMIFA Requirements. Answer: Private foundations - 5% spending
requirement and a controlled board
