50. Mark Peters, 55, has an IRA, with a balance of $150,000, and a 401(k) plan through his employer, with a balance of $275,000. Mark's adjusted gross income (AGI) this year will be S100,000, but he would like to obtain $8,000 per year in additional cash to pay medical bills for his mother, who will need medical treatment over the next four or five years. Which one of the following recommendations would be most appropriate for Mark? Take a series of substantially equal periodic payments from the IRA based on Mark's a) b) Withdraw in a lump sum from the IRA the amount of medical bills and transfer the c) Take a loan from the IRA for the amount of medical bills that will be expected over a d) Withdraw the money as needed from the 401(k) plan as a safe-harbor hardship actuarial life expectancy amount to a savings account until needed period of two consecutive years withdrawal Plan Selection Questions: Match the stated characteristie to the appropriate plan. Mark the letter of the answer you believe to be correct on your Scantron answer sheet. Each question valued at two (2) points. 51. Which one of the following plans cannot be established by a church? a) A Section 457(b) plan b) A Section 403(b) plan 52. Which one of the following plans uses an "unforeseeable emergency" criteria for hardship withdrawals? a) A Section 457(b) plan b) A Section 401(k) plan 53. In which type of the following plans is life insurance permitted as an investment? a) A SIMPLE IRA b) A SIMPLE 401(k) 54. Which one of the following plans provides for employee salary reduction contributions? a) A Section 401(k) plan b) A SEP IRA 55. Which one of the following plans is considered to be a type of profit sharing plan? a) A Section 403(b) plan b) A Section 401(k) plan