1.Please place the types of legal guidance in order from the highest authority to the lowest authority.

a.Notices, FAQs and Other Guidance

b.Regulations

c.Statutes

d.Constitution

2. Which of the following are types of executive benefits? (Select all that apply)

a.A self-funded health plan

b.Nonqualified deferred compensation plans

c.A tax-qualified defined benefit pension plan

d.Restricted stock/property

3. Which of the following arrangements typically involve the employer taking on some or all of the risk under a health and welfare benefit plan? (Select all that apply)

a.Retrospective rating

b.Level funding

c.Minimum Premium Plans

d.Funding through a VEBA Trust

e.Total self-funding

f.Cost-plus

g.Partial self-funding

4. Which of the following is the primary purpose of provider networks?

a.To make sure employees never use doctors that are not licensed

b.Solely to control costs

c.To steer employees to high-quality providers who have agreed to the plan's reimbursement rate

d.To limit employee choices and force them to doctors the employer has chosen

5. Which of the following accurate describe the differences between Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs)?

a.HRAs can be offered with any plan while HSAs can only be offered with high deductible health plans

b.HRAs are only employer-funded, while HSAs can be funded by employees and employers

c.HRAs stay with the employee even if they leave employment whereas HSAs are forfeited if the employee leaves employment

d.COBRA applies to both

6. Which of the following are rules imposed by the tax code on tax-qualified retirement plans? (Select all that apply)

a.Only allowing payments on 6 permitted payment events.

b.Unlimited benefits and contributions

c.Nondiscrimination rules that prevent benefits from being too skewed toward highly compensated employees

d.Minimum eligibility rules (e.g. age 21, no more than 1 year of service to get in the plan)

e.Minimum vesting conditions

7. Which of the following is/are NOT true of the accrued benefit in a defined benefit pension plan? (Select all that apply)

a.The concept of the accrued benefit is designed to favor longer-service employees

b.It is the amount a participant would receive under the normal form of benefit at normal retirement age if the participant terminated employment today

c.It is designed under ERISA to make sure that benefits are earned more or less ratably over an employee's working career

d.The accrued benefit is based on the form of payment the participant elects under the plan

8. Can a participant ever assign part of their retirement account in a defined contribution plan to someone else or use it as security/collateral for a loan?

a.A participant can only assign their benefit as part of a qualified domestic relations order (QDRO) and can only use their account as security for a plan loan that is permitted under ERISA.

b.No, this is never allowed.

c.A participant cannot use their account as security for a plan loan, but they can assign part of their account to anyone they want.

d.A participant cannot assign part of their account to someone else, but they can use it as security for a plan loan.

9. Which of the following is/are true regarding the taxation of long-term disability plans? (Select all that apply)

a.If the premiums are treated as taxable, the benefits are tax-free

b.If the premiums are not treated as taxable, the benefits are taxed

c.Both the premiums and benefits are taxable to the employee

d.Both the premiums and the benefits are tax-free

10. Which of the following are permitted features of a 401(k) plan? (Select all that apply)

a.A formula that specifies what payments a participant will receive at normal retirement age

b.$100,000 per year contribution maximum

c.Matching or non-elective employer contributions

d.Pre-tax, Roth, and After-Tax contributions

e.Participant direction of investments

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