1. Which of the following are qualified benefits that are allowed to be offered under a cafeteria plan? (Select all that apply)

a.Dependent care FSAs

b.Pet insurance

c.Contributions toward accident and health insurance

d.Defined Benefit Pension Plan Contributions

e.HSA Contributions

f.COBRA Premiums

2. Which of the following are ways in which states regulate employee benefits? (Select all that apply)

a.Consumer protection rules

b.Mandating benefits

c.Specifying insurance policy form requirements

d.Anti-rebating

e.States do not regulate employee benefits

f.Requiring employers to exclude certain employees

3. Which of the following is/are potential buyers or providers of employee benefits other than employers? (Select all that apply)

a.Trade Associations

b.Labor Unions

c.Taft-Hartley Plans

d.Multiple Employer Welfare Arrangements (MEWAs)

4. Which of the following rollover scenarios are allowed under the law? (Select all that apply)

a.From a Roth 401(k) to a traditional IRA

b.From a pre-tax 401(k) to a traditional IRA

c.From a Roth IRA to pre-tax 401(k)

d.From one traditional IRA to another traditional IRA

5. Which of the following are features of the Affordable Care Act? (Select all that apply)

a.It requires small group plans to provide at least 10 essential health benefits

b.It requires employers to offer stand alone vision and dental coverage or pay a penalty.

c.It requires health plans to cover dependent children to age 26

d.It does not allow group health plans to impose lifetime or annual dollar limits on essential health benefits

e.It allows plans to impose pre-existing condition limitations

6. Which of the following is a true statement about the benefits of tax-qualified retirement plans?

a.The employer gets a tax deduction and the employee does not have to include any amount in income.

b.The employer gets a tax deduction when a contribution is made to the plan, but the employee does not usually include the benefits in income until they are paid.

c.All benefits are tax free.

d.The employer does not get any benefit, but the employee gets a retirement benefit.

7. Travel is Fun, Inc. sponsors a 401(k) plan that only allows pre-tax and Roth employee contributions. It does not have any employer contributions. Travel is Fun is having trouble getting its non-highly compensated employees (i.e. lower paid) to contribute. As a result, it is failing its nondiscrimination testing. Which of the following are strategies Travel is Fun could use to increase participation by its non-highly compensated employees?

a.Limit deferrals for highly compensated employees

b.Add a matching contribution

c.Add automatic enrollment (if they don't already have it)

d.Adopt a safe harbor plan design

e.Terminate the plan and start over

8. Which of the following are reasons that an employer may want to offer a retirement plan? (Select all that apply)

a.Encourage employees to work a long time past their expected retirement age

b.Recruit, retain employees

c.Encourage unionizing

d.Help employees save for retirement

e.Tax benefits to the employer

9. Which of the following are advantages of employers offering benefits (rather than allowing employees to purchase benefits on their own)? (Select all that apply)

a.Employers can provide an abundance of choices to employees

b.Economies of scale/expense savings

c.The employer can advocate for employees with the insurance carrier or other plan provider

d.The employer is a more sophisticated buyer

e.Complexity of plan administration

10.Which of the following are fiduciary duties that apply under ERISA? (Select all that apply)

a.The duty to follow the plan documents to the extent consistent with ERISA

b.The duty of prudence

c.The duty to never allow investments to lose money

d.The exclusive benefit rule

e.The duty hire the most expensive service providers for the plan

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