NAPA CPFA Certification Exam 2026 | Certified
Plan Fiduciary Actual Exam | All Questions and
Correct Answers | Graded A+ | Verified
Answers | Just Released
ERISA requires that fiduciaries manage the plan for the exclusive benefit of which
of the following parties?
a. Participants and their beneficiaries
b. Plan Sponsor
c. Plan Administrator
d. Business owner ------------Correct Answer--------------------a. Participants and their
beneficiaries
June is a Plan Sponsor of a small plan and decided she'll be acting as the sole
fiduciary of the plan. All of the following are her responsibilities, EXCEPT:
a. Give investment advice to participants
b. Fill the role of Plan Administrator
,c. Follow a prudent process when hiring service providers
d. Sign and file the Form 5500 ------------Correct Answer--------------------a. Give
investment advice to participants
Under ERISA, the Plan Administrator has the following roles, EXCEPT:
a. Providing participants with a summary plan description
b. Redesigning the plan's employer matching contribution formula
c. Distributing required notices to participants
d. Providing the plan document to participants who request a copy ------------
Correct Answer--------------------b. Redesigning the plan's employer matching
contribution formula
Under ERISA, all of the following are Plan Trustee responsibilities, EXCEPT:
a. Monitor the investment manager whom the Plan Trustee hired.
b. Oversee the Plan Administrator.
,c. Delegate specific investment duties to a service provider and monitor the
service provider's performance.
d. Follow participant directions for the investment of contributions, unless the
instructions conflict with ERISA. ------------Correct Answer--------------------b.
Oversee the Plan Administrator.
All of the following may be named fiduciaries in a plan document, EXCEPT:
a. Plan Sponsor
b. Plan Administrator
c. Plan Trustee
d. Legal counsel who prepares the plan document ------------Correct Answer---------
-----------d. Legal counsel who prepares the plan document
Sue is a plan advisor for the ABC Retirement Plan. On the agenda for the
upcoming ABC Plan Committee meeting is an action item to replace Len and
nominate a new member to the Committee. Len has been asked to leave the
Committee due to his unsatisfactory attendance at monthly meetings. All of the
following are best practices regarding fiduciary changes, EXCEPT:
a. Per Len's request, the Committee minutes will exclude the reason Len was
asked to leave the committee.
, b. Sue should educate the members on the importance of documenting fiduciary
changes.
c. The Committee minutes should document the process of naming Len's
replacement.
d. The new member should be informed of the goals of the Committee and
attendance requirements. ------------Correct Answer--------------------a. Per Len's
request, the Committee minutes will exclude the reason Len was asked to leave
the committee.
Sharon is a 3(21) advisor. She is meeting with a potential client and is preparing
for her meeting. All of the following are services that Sharon may offer the
prospect, EXCEPT:
a. Attend the client's investment committee meetings.
b. Create the agendas for the client's investment committee meetings.
c. Assist with the review of the investments.
d. Make decision to replace funds on the watch list pursuant to the investment
policy statement, prior to attending the investment committee meeting. ------------
Correct Answer--------------------d. Make decision to replace funds on the watch list
pursuant to the investment policy statement, prior to attending the investment
committee meeting.
Plan Fiduciary Actual Exam | All Questions and
Correct Answers | Graded A+ | Verified
Answers | Just Released
ERISA requires that fiduciaries manage the plan for the exclusive benefit of which
of the following parties?
a. Participants and their beneficiaries
b. Plan Sponsor
c. Plan Administrator
d. Business owner ------------Correct Answer--------------------a. Participants and their
beneficiaries
June is a Plan Sponsor of a small plan and decided she'll be acting as the sole
fiduciary of the plan. All of the following are her responsibilities, EXCEPT:
a. Give investment advice to participants
b. Fill the role of Plan Administrator
,c. Follow a prudent process when hiring service providers
d. Sign and file the Form 5500 ------------Correct Answer--------------------a. Give
investment advice to participants
Under ERISA, the Plan Administrator has the following roles, EXCEPT:
a. Providing participants with a summary plan description
b. Redesigning the plan's employer matching contribution formula
c. Distributing required notices to participants
d. Providing the plan document to participants who request a copy ------------
Correct Answer--------------------b. Redesigning the plan's employer matching
contribution formula
Under ERISA, all of the following are Plan Trustee responsibilities, EXCEPT:
a. Monitor the investment manager whom the Plan Trustee hired.
b. Oversee the Plan Administrator.
,c. Delegate specific investment duties to a service provider and monitor the
service provider's performance.
d. Follow participant directions for the investment of contributions, unless the
instructions conflict with ERISA. ------------Correct Answer--------------------b.
Oversee the Plan Administrator.
All of the following may be named fiduciaries in a plan document, EXCEPT:
a. Plan Sponsor
b. Plan Administrator
c. Plan Trustee
d. Legal counsel who prepares the plan document ------------Correct Answer---------
-----------d. Legal counsel who prepares the plan document
Sue is a plan advisor for the ABC Retirement Plan. On the agenda for the
upcoming ABC Plan Committee meeting is an action item to replace Len and
nominate a new member to the Committee. Len has been asked to leave the
Committee due to his unsatisfactory attendance at monthly meetings. All of the
following are best practices regarding fiduciary changes, EXCEPT:
a. Per Len's request, the Committee minutes will exclude the reason Len was
asked to leave the committee.
, b. Sue should educate the members on the importance of documenting fiduciary
changes.
c. The Committee minutes should document the process of naming Len's
replacement.
d. The new member should be informed of the goals of the Committee and
attendance requirements. ------------Correct Answer--------------------a. Per Len's
request, the Committee minutes will exclude the reason Len was asked to leave
the committee.
Sharon is a 3(21) advisor. She is meeting with a potential client and is preparing
for her meeting. All of the following are services that Sharon may offer the
prospect, EXCEPT:
a. Attend the client's investment committee meetings.
b. Create the agendas for the client's investment committee meetings.
c. Assist with the review of the investments.
d. Make decision to replace funds on the watch list pursuant to the investment
policy statement, prior to attending the investment committee meeting. ------------
Correct Answer--------------------d. Make decision to replace funds on the watch list
pursuant to the investment policy statement, prior to attending the investment
committee meeting.
