1)Allred Corporation's retirement plan will pay $250 a month for each year worked for the company commencing on the employee's 65th birthday. People must work for the company for 10 years to qualify for the pension. This plan is a

Select one:

a. registered income fund.

b. defined-contribution plan.

c. defined-benefit plan.

d. LIRA.

2)

One difference between CPP and OAS is that

Select one:

a. OAS is covered by a separate account in government revenues.

b. OAS has no survivor benefit.

c. CPP is a taxpayer-funded benefit program.

d. CPP can be taken early at a reduced amount.

3)

If you have been in an employer-sponsored pension plan for three years and you leave your employer well before retirement,

Select one:

a. you can transfer the plan to your new employer if the RPP is similar.

b. you can transfer the funds to a RRIF.

c. you can withdraw the funds tax-free within 30 days of departure.

d. you are not entitled to the employer's contribution to your plan.

4)

Roscoe is entitled to a full CPP benefit of $863.75 but wants to retire on his 63rd birthday. How much CPP will he receive?

Select one:

a. $734.19

b. $863.75

c. $811.93

d. $739.37

5)

Individual Canada Pension Plan contributions amount to 7 percent of all income.

Select one:

True

False

6)

Old Age Security income will be clawed back or reduced if you earn more than $35,000 in retirement.

Select one:

True

False