CRPC Test 2023 Solved 100% Correct

No other qualified plan or 403(b) - ANSWER-Simple IRA or Simple 401(k) Younger employees benefit from years of contributions and compounding - ANSWER-Profit sharing, SEP, or Tandem Plan Business has stable cash flow and owner willing to make annual financial commitment, but either unwilling or unable to commit more than 25% compensation - ANSWER-Money Purchase or Target Benefit Plan to provid age-weighted plan Means to allow owner to meet his/her retirement - ANSWER-Defined Benefit Plan No more than 100 employees earing $5000 or more - ANSWER-Simple IRA or Simple 401(k) Desire plan that will motivate employees - ANSWER-Profit sharing, SEP, or Tandem Plan Seeks maximum tax shelter - ANSWER-Defined Benefit Plan Business cash flow fluctuates - ANSWER-Profit sharing, SEP, or Tandem Plan Owner willing to make minimal contribution-2% or 3% of compensation - ANSWER-Simple IRA or Simple 401(k) Means to allow owner to meet his/her retirement - ANSWER-Defined Benefit Plan Desire very low administrative cost - ANSWER-Simple IRA or Simple 401(k) Willing to accept investment risk - ANSWER-Defined Benefit Plan Easire to communicate plan to employees, and reduce administrative costs - ANSWER-Money Purchase or Target Benefit Plan to provid age-weighted plan Shift investment risk to employees - ANSWER-Profit sharing, SEP, or Tandem Plan Desire to provide tax-deferred savings for employees - ANSWER-Simple IRA or Simple 401(k) Owner usually 45 or older and oldest or one of the oldest employees, only one or two older - ANSWER-Defined Benefit Plan Younger employees benefit from years of contributions and compounding - ANSWER-Money Purchase or Target Benefit Plan to provid age-weighted plan