Study guides, Class notes & Summaries

CPFA 1 Study Guide.

CPFA License Exam- (Certified Plan Fiduciary Advisor) (Online Practice Questions) with Answers.

CPFA exam Study Guide.

CPFA Exam Questions and Answers.

CPFO Exam Risk, Benefits, Procurement Questions and Answers.

Employee Retirement Income Security Act (ERISA) - Established 1974 ERISA was passed to establish - A set of federally-regulated provisions with the primary purpose of protecting participants and beneficiaries ERISA had the important function of - Pre-empting the patchwork of state fiduciary laws Before ERISA - Workers had no legal rights to their benefits Before ERISA benefits were - Seen as a reward for those who were loyal to a company ...

What are the 4 basic fiduciary standards under the Fiduciary Standard of Care? (Section 404) 1.) Loyalty - (Exclusive purpose rule - Providing benefits to participants and their beneficiaries; and defraying reasonable expenses of administering the plan) 2.) Prudence - (Act with prudence by investigating before making any plan decisions, documenting the decision-making process, hiring experts when they don't possess the knowledge or skills to make a decision, and monitoring if their decisions ...

Under the DOL regulation, many advisors to retirement plans and their participants will be - 3(21) fiduciaries. They will act alongside other fiduciary service providers who are also not necessarily named in the plan document but who exercise discretionary control over plan provisions or plan investments. The advisor should educate the - plan sponsor about hiring fiduciary service providers, including the different roles service providers, including the different roles servi...

A) A TPA performs annual compliance testing. - Which statement regarding service providers is TRUE? A) A TPA performs annual compliance testing. B) A recordkeeper has the legal obligation to provide an interpretation of a plan provision. C) An accountant processes the "money out" for a participant account. D) A plan advisor is responsible for drafting annual safe harbor notices. A) Provides efficient contribution and distribution processes. - Which statement regarding bund...