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45. Which is NOT an advantage Section 403(b) plans have over 401(k) plans? a. If the employer sponsor of a 403(b) does not contribute, they

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45. Which is NOT an advantage Section 403(b) plans have over 401(k) plans? a. If the employer sponsor of a 403(b) does not contribute, they are not subject to ERISA reporting and disclosure requirements b. 403(b) plan is not subject to ADP discrimination testing c. 403(b) plan allows employees with 15 years of service an additional $15,000 of lifetime catch-up contributions d. In a 403(b) plan the employer bears the risk of investment performance e. Government or church sponsors of 403(b) plans are never subject to ERISA reporting and disclosure requirements. 44. Which is NOT true of Section 403(b) plans? a. Investments are limited to mutual funds and annuities b. Maximum elective deferrals are $19,500 if participant is under 50 years old. c. Maximum total annual contributions are $58,000 d. They are not allowed to have a Roth component to their plan e. They offer a special catch-up provision 43. Who cannot offer a Section 403(b) plan? a. Private nonprofit hospitals b. Public schools b c. For profit corporations d. 501(C)(3) organizations e. Churches e. 42. Which is NOT true of a SEP IRA? a. You can adopt it when taxes are due even if it is after the end of the contribution year b. Employer contributions are mandatory each year c. These are mostly used by self-employed individuals d. Limit of contributions is the lesser of $58,000 or 25% of income e. Employer must offer it to employees who made $600 per year for 3 out of 5 years. 41. Which is NOT an accurate regarding SIMPLE IRA's a. Contribution limits are $18,000 per year with a $6,000 catch-up b. The employer can match up to 3% of employee contribution per year, not to be less than 1% in 2 out of any 5 years or 2% of compensation nonelective contribution c. The client must have the account open 2 years or else there is a 25% penalty on that distribution d. The employer must have 100 or fewer employees e. The employer cannot have another employer-sponsored retirement plan

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