CUSECO Certified US Export Compliance Officer Final Exam QUESTIONS WITH CORRECT ANSWERS AND RATIONALES JUST RELEASED THIS YEAR Prepare confidently with this comprehensive CUSECO Certified US Export Compliance Officer study resource featuring practice q

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CPFA EXAM (Certified Plan Fiduciary Advisor)
EXAM WITH COMPLETE 250 QUESTIONS AND
CORRECT SOLUTIONS AND RATIONALES JUST
RELEASED THIS YEAR 2025-2026


1. Under ERISA, which of the following best defines the "prudent expert" standard for


fiduciaries?



• A) A fiduciary must act as a layperson with ordinary business sense.



• B) A fiduciary must act with the care, skill, and caution that a prudent person would use,


assuming the fiduciary possesses expertise in the subject matter.



• C) A fiduciary must guarantee investment returns.



• D) A fiduciary must follow the plan sponsor's instructions without question.



Answer: B


The "prudent expert" rule requires fiduciaries to act with the care, skill, and caution that a


prudent person would use, assuming the fiduciary has expertise in the area of decision-making .

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2. Which duty requires a fiduciary to place the interests of plan participants above the


fiduciary's own interests?



• A) Duty of diversification



• B) Duty of loyalty



• C) Duty of prudence



• D) Duty of disclosure



Answer: B


The duty of loyalty obligates fiduciaries to act solely in the best interests of participants and


beneficiaries, avoiding self-dealing or conflicts of interest .




3. A "named fiduciary" under ERISA is:



• A) Any person who performs a fiduciary function, regardless of title.



• B) An individual explicitly listed in the plan document as a fiduciary.



• C) A service provider who offers investment advice but has no decision-making


authority.

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• D) The plan sponsor's CFO.



Answer: B


Named fiduciaries are those specifically identified in the plan document as fiduciaries, giving


them clear legal responsibility .




4. Which of the following is an example of a functional fiduciary?



• A) The plan's investment committee that selects investment options.



• B) The payroll processor who merely distributes contributions.



• C) An external accountant preparing the Form 5500.



• D) The insurance carrier providing group life coverage.



Answer: A


Functional fiduciaries are individuals who perform fiduciary functions (e.g., investment selection)


even if they are not named in the plan document .




5. ERISA §3(21) fiduciaries differ from §3(38) investment managers primarily because:

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• A) §3(21) fiduciaries have discretionary authority over plan assets.



• B) §3(38) managers provide advice only, while the sponsor makes final decisions.



• C) §3(21) fiduciaries give advice, but the sponsor retains final investment authority.



• D) §3(38) managers are exempt from the fiduciary duties of prudence.



Answer: C


A §3(21) fiduciary provides investment advice, but the plan sponsor retains ultimate decision-


making authority; a §3(38) investment manager has full discretionary control over plan assets .




6. Which transaction would be considered a prohibited self-dealing transaction under ERISA?



• A) Purchasing office supplies from a vendor that also provides fiduciary services.



• B) The fiduciary buying plan assets for his personal account.



• C) The plan purchasing shares of a mutual fund offered by the plan's recordkeeper.



• D) The plan paying reasonable compensation for services.