Amarillo Bank Corp has a defined benefit plan with 60 employees. What is the minimum number of employees the defined benefit plan must cover to conform to the requirements set forth by the IRC?
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Amarillo Bank Corp has a defined benefit plan with 60 employees. What is the minimum number of employees the defined benefit plan must cover to conform to the requirements set forth by the IRC?
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42 |
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50 |
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30 |
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- 22 What must an employer disclose in a defined contribution plan? The amount to be paid by the employees The basis for determining payments to fund The basis for determining benefits paid out The amount to be paid out NEXT > BOOKMARK D6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employeesQuestion 17: Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be provided with pertinent retirement plan information. В. Employers are required to offer retirement plans. C. Fiduciaries of the retirement plan may be held accountable for breaches of responsibility. D. There are specific timeframes over which retirement plan benefits become nonforfeitable.
- A Defined Benefit Plan defines the following: O A. Your (employee) contributions to the plan B. The rate of return on assets (stocks, bonds, etc.) in the plan C. In most cases, is funded almost entirely by the employer D. Both A & C E. None of the aboveQuestion 32: What statement about Form l-9 is accurate? Answer: A. O The employee submits one or two documents to verify employment eligibility. В. O It was significantly revised and expanded in 2020. C. O A company submits this to request an EIN. D. O It is also referred to as Publication 15. Question 33: Match each incentive plan to its definition. Profit-sharing Employee receives a portion of the company's profits after exceeding a predetermined level DROP HERE Employee may purchase shares of the business after meeting predetermined goals Stock options DROP HERE Sabbaticals Paid leave after working a predetermined number of years DROP HERE Monies received for reaching a specific sales/production goal Cash incentives DROP HERE Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimum wage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens…34. In a defined-contribution plan, a formula is used that defines the benefits that the employee will receive at the time of retirement. requires an employer to contribute a certain sum each period based on the formula. ensures that employers are at risk to make sure funds are available at retirement. ensures that pension expense and the cash funding amount will be different.
- Question 19 Which of the following correctly describes defined benefit (DB) pension plans? A- A typical example of DB plan is 401(K) savings account B- Retirement benefits depend on how much money has accumulated in an individual's account. C- Employers never need to report a liability related to DB plans D- Retirement benefits are based on the plan benefit formula. O A O BQuestion 7 Union dues can be collected to cover the following: a Administration b) Social Fund c) Special Fund . d) Initiation e) Insurance Question 8 It's common for benefits rates to change on an basis. Question 9 Garnishment rules are the same in every jurisdiction. True • False Question 10 An employee can typically opt out of contributing to a company pension plan True • False Question 11 RRSP stands for O a) Regulated Retirement Savings Pension b) Registered Retirement Savings Pension c) Regulated Retirement Savings Plan d) Registered Regulated Savings Plan e) Registered Retirement Savings Plan O O O CThe entity’s monthly contributions to the SSS for the benefit of its employees are accounted for as defined benefit plans. a. True b. False According to PAS 19, contributions to a defined contribution plan are recognized a. at each year-end b. where an employer makes those contributions c. when an employee has rendered service in exchange for those contributions d. at the beginning of each reporting period
- Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.Which of the following types of employee benefits are not covered by AASB 119/IAS 19? Select one: a. Annual leave. O b. Wages. OC. Long service leave. Od. Share-based payments. Time left 1:43:46 Re 1 10Which of the following statements regarding a money purchase plan is (are) correct? I. The employee can choose from among different levels of contribution rates. II. The employer's contribution is a set formula often stated as a percentage of the employee's pay deferral into the plan. II. Employees may be permitted to make voluntary after-tax contributions into the plan. A. None. 3. I only. C. I and Il only. D. Il and II only. E. I, Il and II.