ASPPA Certified Pension Consultant (CPC) Examination — Questions and Answers

Question 1: When a CPC relies on work product provided by another professional (e.g., a valuation from an appraiser), what is the CPC's responsibility?

The CPC must obtain the other professional's written certification before using their work
None—the other professional bears sole responsibility for their work
The CPC must independently verify all aspects of the relied-upon work
The CPC must assess whether reliance is reasonable and disclose the reliance in their own work product (Correct answer)

Correct answer: The CPC must assess whether reliance is reasonable and disclose the reliance in their own work product

Professional standards allow reliance on other experts when the reliance is reasonable and disclosed; the CPC need not independently replicate the work but must use professional judgment about its reasonableness.

Question 2: Which safe harbor 401(k) non-elective contribution design eliminates the need for annual ADP and ACP nondiscrimination testing?

A 5% profit-sharing contribution allocated only to officers
A 2% non-elective contribution to all plan participants
A 50% matching contribution on employee deferrals up to 6% of compensation
A 3% non-elective contribution to all eligible non-highly compensated employees (Correct answer)

Correct answer: A 3% non-elective contribution to all eligible non-highly compensated employees

A safe harbor 401(k) plan that provides a non-elective contribution of at least 3% of compensation to all eligible NHCEs satisfies the ADP and ACP safe harbor requirements.

Question 3: Which asset-liability management (ALM) technique freezes pension liability growth by closing the plan to new entrants while honoring accrued benefits?

Annuity buyout
Soft freeze (Correct answer)
Hard freeze
Plan termination

Correct answer: Soft freeze

A soft freeze closes the plan to new participants but allows existing participants to continue accruing benefits, limiting but not eliminating future liability growth.

Question 4: When a CPC advises a plan sponsor on a corrective amendment under the IRS Employee Plans Compliance Resolution System (EPCRS), which program allows self-correction of insignificant operational failures without IRS submission?

Audit Closing Agreement Program (Audit CAP)
Self-Correction Program (SCP) (Correct answer)
Voluntary Correction Program (VCP)
Determination Letter Program

Correct answer: Self-Correction Program (SCP)

The Self-Correction Program (SCP) under EPCRS allows plan sponsors to self-correct insignificant operational failures at any time and significant failures within specific timeframes without filing with the IRS.

Question 5: Under IRC §416, a defined benefit plan is considered top-heavy when the present value of accrued benefits for key employees exceeds what percentage of the total?

50%
70%
80%
60% (Correct answer)

Correct answer: 60%

Under IRC §416, a plan is top-heavy when more than 60% of the aggregate accrued benefits (or account balances in DC plans) belong to key employees.

Question 6: A 401(k) participant takes a hardship withdrawal. Which statement is correct under post-2019 rules?

Hardship withdrawals are always exempt from the 10% early withdrawal penalty
The 6-month suspension of elective deferrals following a hardship withdrawal was eliminated (Correct answer)
The participant must repay the hardship amount within 3 years
The participant must take all available loans before a hardship withdrawal

Correct answer: The 6-month suspension of elective deferrals following a hardship withdrawal was eliminated

The Treasury's 2019 final hardship regulations eliminated the mandatory 6-month deferral suspension following a hardship distribution.

Question 7: Under ERISA's reporting and disclosure requirements, the Summary Annual Report (SAR) must be distributed to participants within how many months after the plan year ends?

2 months
12 months
15 months
9 months (Correct answer)

Correct answer: 9 months

The SAR must generally be furnished to participants within 9 months after the close of the plan year (or 2 months after the extended Form 5500 due date).

Question 8: A fiduciary breach results in a $200,000 loss to the plan. Under ERISA Section 409, the breaching fiduciary is personally liable for:

Only the amount they personally benefited from the breach
The full $200,000 loss plus any profits made through the breach and equitable relief (Correct answer)
The lesser of the loss or the fiduciary's annual compensation
50% of the loss plus legal costs

Correct answer: The full $200,000 loss plus any profits made through the breach and equitable relief

ERISA Section 409 holds breaching fiduciaries personally liable to restore all plan losses and disgorge any profits realized through the breach, plus the plan may seek other equitable relief.

Question 9: Under the top-heavy minimum contribution requirement of IRC Section 416, what minimum employer contribution must a top-heavy defined contribution plan make on behalf of each eligible non-key employee?

5% of compensation
3% of compensation (or the highest key employee rate, if lower) (Correct answer)
1% of compensation
An amount equal to the average contribution rate for all key employees

Correct answer: 3% of compensation (or the highest key employee rate, if lower)

Top-heavy plans must contribute the lesser of 3% of compensation or the highest contribution rate made for any key employee to each eligible non-key employee.

Question 10: Which of the following employees may generally be excluded from coverage testing under IRC Section 410(b)?

Employees covered by a collective bargaining agreement where retirement benefits were subject to good-faith bargaining (Correct answer)
Part-time employees completing more than 500 hours of service
Employees who are age 18 but have not yet reached age 21
All employees with less than 2 years of service regardless of hours worked

Correct answer: Employees covered by a collective bargaining agreement where retirement benefits were subject to good-faith bargaining

IRC 410(b)(3)(A) permits plans to exclude employees covered by a collective bargaining agreement where retirement benefits were a subject of good-faith bargaining.

Question 11: A CPC who discovers that a plan sponsor has engaged in a prohibited transaction should do what?

Advise the plan sponsor of the violation and recommend corrective action, including VCP or VFCP filing (Correct answer)
Ignore it if the amount is below $10,000
Report it immediately and directly to the DOL without informing the client
Continue advising as normal since the CPC is not a fiduciary

Correct answer: Advise the plan sponsor of the violation and recommend corrective action, including VCP or VFCP filing

A CPC should inform the plan sponsor of the prohibited transaction, advise on the consequences, and recommend available correction programs such as the DOL's Voluntary Fiduciary Correction Program (VFCP).

Question 12: Under the fractional accrual method for defined benefit plans, an employee projected to have 20 years of service at normal retirement has earned what fraction of their projected benefit after completing 10 years?

2/3 of projected benefit
1/2 of projected benefit (Correct answer)
1/4 of projected benefit
1/3 of projected benefit

Correct answer: 1/2 of projected benefit

The fractional accrual method credits an employee with a benefit equal to their actual service divided by projected total service, so 10/20 = 1/2 of the projected normal retirement benefit.

Question 13: A pension consultant receives a subpoena for client plan records in a lawsuit involving the plan. What is the proper course of action?

Destroy the records to protect client confidentiality
Immediately produce all records to comply with the subpoena
Ignore the subpoena since the consultant is not a party to the lawsuit
Notify the client immediately and provide the records only as required by law or court order after consulting with legal counsel (Correct answer)

Correct answer: Notify the client immediately and provide the records only as required by law or court order after consulting with legal counsel

Upon receiving a subpoena, the professional obligation is to promptly notify the client, allow the client to seek legal remedies (such as a motion to quash), and produce records only as legally required.

Question 14: A plan administrator fails to provide a participant with a requested Summary Plan Description within the ERISA-mandated timeframe. The maximum civil penalty per day is:

$250
$110 (Correct answer)
$50
$1,000

Correct answer: $110

The DOL can assess a civil penalty of up to $110 per day (periodically adjusted for inflation) for failing to provide required documents to participants upon request.

Question 15: A participant takes a distribution from a qualified plan and uses it to pay qualified higher education expenses. What is the tax result?

Distribution avoids both income tax and the 10% penalty
Distribution is fully tax-free
Distribution qualifies for the American Opportunity Credit
Distribution is taxable but exempt from the 10% early withdrawal penalty only in IRAs, not qualified plans (Correct answer)

Correct answer: Distribution is taxable but exempt from the 10% early withdrawal penalty only in IRAs, not qualified plans

The higher education exception to the 10% early withdrawal penalty applies to IRA distributions but not to qualified plan distributions.

Question 16: A CPC is approached by a plan sponsor to help 'backdate' plan documents to qualify for a retroactive amendment. What should the CPC do?

Refuse, as backdating documents constitutes fraud and is a serious ethical violation (Correct answer)
Refer the request to the plan's legal counsel without comment
Comply if the plan sponsor provides a written indemnification
Assist if the statute of limitations has not expired

Correct answer: Refuse, as backdating documents constitutes fraud and is a serious ethical violation

Backdating plan documents to misrepresent when plan provisions were adopted constitutes fraud and is an absolute ethical violation that no professional should facilitate.

Question 17: What type of contribution is fixed in a defined contribution plan?

Employer or employee contributions (Correct answer)
Pension age
Plan fees
Retirement payout

Correct answer: Employer or employee contributions

In a defined contribution plan, the amount of money contributed by the employer, the employee, or both is fixed or determined by a specific formula. Unlike defined benefit plans, the retirement benefit is not guaranteed; instead, it depends on the investment performance of these contributions over time. The employee typically bears the investment risk, as their final payout is based on the accumulated account balance.

Question 18: A pension plan holds alternative investments including private equity and hedge funds primarily to achieve:

Guaranteed principal protection
Daily liquidity for benefit payments
Reduced PBGC premiums
Enhanced returns and diversification through low correlation with public markets (Correct answer)

Correct answer: Enhanced returns and diversification through low correlation with public markets

Alternatives offer return premiums (illiquidity premium) and low correlations to public equity and bonds, improving portfolio efficiency.

Question 19: Under IRC §415(b), what is the maximum annual benefit payable from a defined benefit plan to a participant who retires at age 62 in 2024?

$275,000 unreduced
$275,000 actuarially reduced for early retirement (Correct answer)
$230,000 reduced for early commencement
$220,000 reduced for early commencement

Correct answer: $275,000 actuarially reduced for early retirement

The §415(b) limit of $275,000 (2024) is reduced actuarially when benefits commence before age 62; at exactly 62, the full limit applies before any actuarial reduction.

Question 20: Under the HEART Act (Heroes Earnings Assistance and Relief Tax Act), what benefit must a plan provide to a participant who dies while performing qualified military service?

COBRA continuation coverage for 36 months for dependents
The survivors must receive any additional benefits that would have been provided if the participant had resumed employment and then died (Correct answer)
The plan must pay a death benefit equal to the account balance at the time of military service
An immediate vesting credit of 5 years of service

Correct answer: The survivors must receive any additional benefits that would have been provided if the participant had resumed employment and then died

The HEART Act requires that plans credit the military service period for benefit accrual and vesting purposes, meaning survivors receive any benefits that would have accrued had the participant returned and then died.

Question 21: What is the main goal of a defined benefit plan?

To invest in stocks
To save taxes for employers
To provide guaranteed retirement income (Correct answer)
To track employee performance

Correct answer: To provide guaranteed retirement income

The main goal of a defined benefit plan is to provide participants with a guaranteed retirement income, typically a fixed monthly payment for life. The employer bears the investment risk and is responsible for funding the plan to ensure these promised benefits are paid. This offers retirees a predictable and secure income stream, unlike defined contribution plans where benefits fluctuate with investment performance.

Question 22: The '133-1/3 percent rule' for defined benefit plan accrual under IRC Section 411(b) prohibits the rate of future benefit accrual from exceeding what percentage of the rate of accrual for prior years?

150%
120%
133-1/3% (Correct answer)
110%

Correct answer: 133-1/3%

The 133-1/3% rule prevents back-loaded accruals by capping the annual accrual rate for later years at no more than 133.33% of the accrual rate for any earlier year.

Question 23: Which mortality table is currently mandated for determining minimum funding liabilities for single-employer defined benefit plans?

1983 Group Annuity Mortality Table
IRS-prescribed mortality tables updated periodically under IRC Section 430(h)(3) (Correct answer)
SOA Pri-2012 table without IRS approval
RP-2000 mortality table

Correct answer: IRS-prescribed mortality tables updated periodically under IRC Section 430(h)(3)

IRC Section 430(h)(3) requires use of mortality tables prescribed by the IRS, which are updated periodically to reflect current mortality experience.

Question 24: A consulting actuary uses the Aggregate funding method. Which statement is true?

A separate unfunded past service liability exists and is amortized
The method is prohibited for ERISA-covered plans
Normal cost is set equal to 10% of plan assets annually
The method produces no separate past service liability; gains and losses are recognized immediately (Correct answer)

Correct answer: The method produces no separate past service liability; gains and losses are recognized immediately

The Aggregate method spreads all costs (including past service) over future working lifetimes as a level amount or percentage, producing no separate past service liability.

Question 25: A CPC transitions a client to another pension consultant. What ethical obligation exists regarding client files and records?

The CPC must destroy confidential files within 30 days to protect client privacy
The CPC must obtain IRS approval before transferring plan records
The CPC must cooperate in the orderly transition of files and records to protect the client's interests (Correct answer)
The CPC may retain all files as business records and is not required to share them

Correct answer: The CPC must cooperate in the orderly transition of files and records to protect the client's interests

Professional standards require cooperation in client transitions, including providing files and records needed to ensure continuity of service for the client's benefit.

Question 26: When a defined benefit plan has an AFTAP between 60% and 80%, what restriction applies?

All lump-sum payments are prohibited
Only 50% of lump-sum payments otherwise available are permitted (Correct answer)
No new participants may enter the plan
Benefit accruals are limited to non-highly compensated employees

Correct answer: Only 50% of lump-sum payments otherwise available are permitted

When AFTAP is at least 60% but below 80%, the plan may only pay 50% of the present value of any lump-sum or other prohibited payment otherwise available.

Question 27: Under the 'rule of parity,' an employer may disregard an employee's pre-break years of service if the consecutive one-year breaks in service equal or exceed which threshold?

The total years of service accumulated before the break
The greater of 3 years or pre-break years of service
The greater of 5 years or pre-break years of service (Correct answer)
5 consecutive years regardless of prior service length

Correct answer: The greater of 5 years or pre-break years of service

The rule of parity permits disregarding pre-break service if the number of consecutive one-year breaks equals or exceeds the greater of 5 years or the employee's years of pre-break service.

Question 28: Which two alternative tests may a qualified plan satisfy to meet the IRC Section 410(b) minimum coverage requirements?

ADP test or ACP test
Ratio percentage test or average benefit test (Correct answer)
Safe harbor test or benefit parity test
Top-heavy test or minimum participation test

Correct answer: Ratio percentage test or average benefit test

Under IRC 410(b), a plan must satisfy either the ratio percentage test or the average benefit test to demonstrate it does not discriminate in favor of highly compensated employees.

Question 29: Under ERISA, the statute of limitations for a fiduciary breach claim is generally:

The earlier of 6 years from the breach or 3 years from actual knowledge of the breach (Correct answer)
5 years from the plan's most recent IRS determination letter
1 year from discovery of the breach
10 years from the date of the alleged breach

Correct answer: The earlier of 6 years from the breach or 3 years from actual knowledge of the breach

ERISA Section 413 sets the limitations period at 6 years from the date of the breach or 3 years from actual knowledge of the breach, whichever is earlier.

Question 30: A plan's funding target for the current year is $10 million and plan assets are $8 million. What is the funding shortfall?

$2 million (Correct answer)
$10 million
$1 million
$0 (no shortfall if assets exceed 75% of target)

Correct answer: $2 million

The funding shortfall equals the excess of the funding target over plan assets, which is $10M − $8M = $2 million.

Question 31: A plan fiduciary who delegates investment management to a qualified investment manager under ERISA Section 402(c)(3) is relieved of liability for:

Annual review of the investment manager's performance
Acts and omissions of the investment manager once properly appointed (Correct answer)
The initial selection of the investment manager
Ensuring the investment manager is a registered investment adviser

Correct answer: Acts and omissions of the investment manager once properly appointed

Once a named fiduciary properly appoints a qualified investment manager, the appointing fiduciary is not liable for acts or omissions of that manager.

Question 32: Who is responsible for monitoring service providers?

Third-party auditors only
Plan participants
Service providers themselves
The fiduciary (Correct answer)

Correct answer: The fiduciary

Fiduciaries are responsible not only for selecting service providers but also for continuously monitoring their performance and adherence to the service agreement. This ongoing oversight ensures that the services remain appropriate, that fees are reasonable, and that the provider continues to meet the plan's needs. This fulfills the fiduciary's duty of prudence and loyalty to plan participants.

Question 33: Upon an involuntary plan termination initiated by the PBGC, in what priority order are benefits satisfied?

Active employees are paid before retirees
Benefits are paid in the order: basic PBGC-guaranteed benefits, employee contributions, other vested benefits, non-vested benefits, and then benefit increases within 5 years (Correct answer)
All benefits are paid equally regardless of type
PBGC-guaranteed benefits are paid first, then non-guaranteed benefits from remaining assets

Correct answer: Benefits are paid in the order: basic PBGC-guaranteed benefits, employee contributions, other vested benefits, non-vested benefits, and then benefit increases within 5 years

ERISA Section 4044 establishes six priority categories for asset allocation in involuntary terminations, starting with in-pay AVCs and retiree benefits backed by employee contributions, with full guaranteed benefits and non-guaranteed benefits following.

Question 34: A 401(k) plan sponsor wants to add an auto-escalation feature that automatically increases deferral rates. Which safe harbor under ERISA exempts this from the prohibited transaction rules relating to plan expenses?

ERISA Section 404(c) safe harbor
ERISA Section 408(b)(2) safe harbor
ADP/ACP safe harbor
Qualified Automatic Contribution Arrangement (QACA) safe harbor (Correct answer)

Correct answer: Qualified Automatic Contribution Arrangement (QACA) safe harbor

A QACA provides a safe harbor from ADP/ACP testing and requires auto-enrollment with auto-escalation, starting at a minimum 3% deferral rate increasing to at least 6%.

Question 35: What is the 'target normal cost' used in minimum funding calculations under IRC Section 430?

The sum of all participant account balances
The present value of all vested benefits
The normal cost under the plan's actuarial cost method minus the expected plan expenses for the year (Correct answer)
The plan's normal cost increased by the shortfall amortization charge

Correct answer: The normal cost under the plan's actuarial cost method minus the expected plan expenses for the year

Target normal cost equals the plan's actuarial normal cost plus expected plan expenses, minus expected employee contributions for the plan year.

Question 36: A plan sponsor must obtain a waiver of minimum funding requirements from the IRS when?

The plan is overfunded by more than 10%
The plan has fewer than 100 participants
Making the minimum required contribution would impose a substantial business hardship (Correct answer)
Investment losses exceed 20% in a single year

Correct answer: Making the minimum required contribution would impose a substantial business hardship

IRC Section 412(c) allows a funding waiver when a plan sponsor demonstrates that meeting the minimum contribution requirement would cause substantial business hardship.

Question 37: Under the ratio percentage test for IRC Section 410(b) coverage, the percentage of NHCEs benefiting must be at least what fraction of the percentage of HCEs benefiting?

60%
70% (Correct answer)
80%
50%

Correct answer: 70%

The ratio percentage test requires that the NHCE benefit percentage equal at least 70% of the HCE benefit percentage.

Question 38: A plan uses a 7% investment return assumption. If actual returns average 5% over 5 years, the resulting actuarial loss is reflected how?

Charged entirely to current-year plan expenses
Amortized over future years as part of actuarial gains/losses or immediately under certain methods (Correct answer)
Ignored if plan assets exceed 80% of funding target
Immediately as a one-time contribution surcharge

Correct answer: Amortized over future years as part of actuarial gains/losses or immediately under certain methods

Actuarial losses from investment underperformance are typically recognized through the funding mechanism over future years, either via experience amortization or immediate recognition depending on the cost method.

Question 39: Which scenario is most likely to benefit from a defined benefit plan paired with a profit-sharing plan (DB/DC combo)?

A company with many young employees and a modest payroll
A startup with variable revenue and no consistent profits
A small firm with older owner-employees seeking maximum retirement contributions well above the 401(k) limit (Correct answer)
A large corporation seeking to minimize PBGC premiums

Correct answer: A small firm with older owner-employees seeking maximum retirement contributions well above the 401(k) limit

DB/DC combos allow older owner-employees to maximize contributions far beyond the standalone 401(k) limits by combining the age-weighted DB contribution with DC allocations.

Question 40: Under the DOL's investment advice fiduciary rule, a financial professional giving rollover recommendations is subject to fiduciary standards when the recommendation:

Is provided free of charge without compensation
Involves only mutual funds and not other securities
Is made in writing only
Is part of a regular business relationship and is individualized to the investor (Correct answer)

Correct answer: Is part of a regular business relationship and is individualized to the investor

The DOL's fiduciary rule applies when advice is provided as part of a regular business relationship, is individualized, and the adviser receives compensation directly or indirectly.

Question 41: Under ERISA Section 4(b), which type of plan is generally exempt from ERISA coverage?

Church plans that have made an election under IRC 410(d)
Top-hat plans covering a select group of management
Plans covering only highly compensated employees
Governmental plans maintained by state and local governments (Correct answer)

Correct answer: Governmental plans maintained by state and local governments

ERISA Section 4(b) explicitly exempts governmental plans (federal, state, local) from ERISA's coverage, reporting/disclosure, and fiduciary rules.

Question 42: A plan sponsor amends the plan to reduce future benefit accruals. Under ERISA's anti-cutback rule (Section 411(d)(6)), the plan sponsor:

Must increase employer contributions to compensate for reduced accruals
Must provide 90 days' advance notice to all affected participants
Cannot reduce benefits already accrued as of the amendment's effective date (Correct answer)
Must obtain DOL approval before the amendment takes effect

Correct answer: Cannot reduce benefits already accrued as of the amendment's effective date

ERISA Section 411(d)(6) prohibits plan amendments that reduce or eliminate benefits already accrued—future accruals can be reduced, but past accruals are protected.

Question 43: What action should a fiduciary take to avoid conflicts of interest?

Outsource responsibility
Prioritize personal gain
Disclose and avoid conflicts (Correct answer)
Ignore conflicts

Correct answer: Disclose and avoid conflicts

To uphold their fiduciary duty, individuals must proactively identify and address potential conflicts of interest. The appropriate action is to disclose any situations where personal interests might influence plan decisions and, crucially, to take steps to avoid such conflicts entirely. This ensures impartiality and protects participants' interests, maintaining the integrity of the fiduciary role.

Question 44: Under IRC Section 416, a qualified retirement plan is considered 'top-heavy' when the present value of accrued benefits or account balances of key employees exceeds what percentage of total plan assets?

70%
50%
75%
60% (Correct answer)

Correct answer: 60%

A plan is top-heavy when key employees hold more than 60% of the aggregate present value of all accrued benefits or account balances under the plan.

Question 45: A small business owner wants a plan that allows discretionary employer contributions but does NOT require mandatory contributions in unprofitable years. Which plan type best meets this need?

Defined benefit plan
Profit-sharing plan (Correct answer)
Money purchase pension plan
SIMPLE IRA

Correct answer: Profit-sharing plan

Profit-sharing plans allow employers to make discretionary contributions each year, including zero contributions in years when the business is unprofitable.

Question 46: What is the tax treatment of a qualified distribution from a Roth 401(k) account?

Partially taxable based on the pro-rata rule
Fully taxable as ordinary income
Subject to 10% penalty but not income tax
Completely tax-free if made after age 59½ and the 5-year holding period is met (Correct answer)

Correct answer: Completely tax-free if made after age 59½ and the 5-year holding period is met

A qualified Roth 401(k) distribution—made after age 59½ and after a 5-year participation period—is entirely excluded from gross income.

Question 47: Under ERISA Section 404(c), a plan can shift investment decision liability to participants if the plan provides:

Quarterly portfolio rebalancing by a licensed investment adviser
At least 3 diversified investment options with different risk/return profiles and sufficient investment information (Correct answer)
Employer matching contributions to encourage participation
A guaranteed minimum return on all investment options

Correct answer: At least 3 diversified investment options with different risk/return profiles and sufficient investment information

Section 404(c) protection requires at least three diversified investment options with materially different risk/return profiles, adequate investment information, and the ability to give investment instructions.

Question 48: Under IRC Section 411, what is the maximum cliff vesting schedule permitted for employer contributions to a non-top-heavy qualified plan?

7 years
5 years
2 years
3 years (Correct answer)

Correct answer: 3 years

Non-top-heavy plans may use cliff vesting up to 3 years, requiring employees to be 100% vested upon completing 3 years of service.

Question 49: Which of the following is considered a fixed-income investment?

Common stock
Bond (Correct answer)
Real estate
Mutual funds

Correct answer: Bond

A bond is a fixed-income investment where an investor loans money to an entity (typically corporate or governmental) that borrows the funds for a defined period at a variable or fixed interest rate. Bonds are called 'fixed-income' because they typically provide investors with regular, predictable interest payments, offering a more stable return compared to stocks.

Question 50: Under what circumstances may a CPC disclose confidential client plan information without client consent?

When the CPC believes the information is publicly available
When another client asks about a similar plan design
Never—client confidentiality is absolute
When required by law, court order, or professional disciplinary proceedings (Correct answer)

Correct answer: When required by law, court order, or professional disciplinary proceedings

Confidential client information may be disclosed without consent only when compelled by law, court order, or required by professional oversight bodies in disciplinary proceedings.

Question 51: Under the permissive aggregation rules for IRC Section 410(b), when may an employer combine two separate qualified plans for coverage testing purposes?

When both plans have identical allocation or benefit formulas
Only when each plan individually passes the ratio percentage test
When the aggregated plan would satisfy the applicable coverage tests as if it were a single plan (Correct answer)
Only when both plans are defined contribution plans covering the same employees

Correct answer: When the aggregated plan would satisfy the applicable coverage tests as if it were a single plan

Permissive aggregation allows an employer to treat two plans as one for coverage testing, provided the combined plan would independently satisfy the applicable coverage requirements.

Question 52: What is the minimum required contribution for a single-employer defined benefit plan under IRC Section 430?

The unit credit normal cost only
10% of plan assets
The funding shortfall amortized over 7 years
The greater of the target normal cost or the shortfall amortization charge (Correct answer)

Correct answer: The greater of the target normal cost or the shortfall amortization charge

IRC Section 430 requires contributions equal to the greater of the target normal cost (net of expected plan expenses) or the shortfall amortization charge.

Question 53: Under the 10-year forward averaging rule for lump-sum distributions, who is eligible?

Any participant who receives a lump-sum distribution
Participants born before January 1, 1936, who elect the special tax treatment (Correct answer)
Only participants who have reached age 59½ at the time of distribution
Participants with at least 20 years of plan participation

Correct answer: Participants born before January 1, 1936, who elect the special tax treatment

The 10-year forward averaging method under IRC Section 402(d) is only available to participants born before January 1, 1936.

Question 54: Under the graded vesting schedule for non-top-heavy defined contribution plans, what percentage must an employee be vested after completing 4 years of service?

80%
60% (Correct answer)
40%
100%

Correct answer: 60%

Under the 2-to-6-year graded schedule, employees vest 20% per year starting at year 2: 20% at year 2, 40% at year 3, 60% at year 4, 80% at year 5, and 100% at year 6.

Question 55: Which law defines fiduciary responsibilities for retirement plans?

COBRA
HIPAA
FMLA
ERISA (Correct answer)

Correct answer: ERISA

The Employee Retirement Income Security Act of 1974 (ERISA) is the federal law that explicitly defines the fiduciary responsibilities for individuals and entities involved in managing private sector retirement plans. ERISA establishes strict standards of conduct, requiring fiduciaries to act prudently, diversify investments, and operate solely in the interest of plan participants and beneficiaries. This legal framework protects retirement savings.

Question 56: Which ERISA provision requires plan fiduciaries to follow the plan document unless doing so would violate ERISA?

ERISA Section 402(a)
ERISA Section 406(a)
ERISA Section 404(a)(1)(D) (Correct answer)
ERISA Section 408(b)(1)

Correct answer: ERISA Section 404(a)(1)(D)

ERISA Section 404(a)(1)(D) requires fiduciaries to act in accordance with plan documents and instruments, provided they conform with ERISA's other provisions.

Question 57: What is the primary goal of financial planning?

Increase debt
Reduce taxes only
Spend all income immediately
Achieve financial goals (Correct answer)

Correct answer: Achieve financial goals

The primary goal of financial planning is to help individuals and organizations manage their financial resources effectively to achieve specific financial objectives. This can include saving for retirement, purchasing a home, funding education, or building wealth. It involves creating a comprehensive strategy tailored to their unique circumstances and aspirations.

Question 58: A participant's qualified plan account includes a life insurance policy. What portion of the premiums is currently taxable to the participant?

Premiums are taxable only when the death benefit is paid
None—all life insurance in a qualified plan is tax-free
The pure insurance cost (P.S. 58 cost or Table 2001 rates) is taxable annually (Correct answer)
100% of premiums are taxable in the year paid

Correct answer: The pure insurance cost (P.S. 58 cost or Table 2001 rates) is taxable annually

The cost of current life insurance protection (measured by IRS Table 2001 rates or insurer's lower published rates) is includible in the participant's gross income each year.

Question 59: When a multiemployer defined benefit plan terminates due to mass withdrawal, how are employers liable?

Each employer is liable only for its own employees' benefits
Employers have no liability; the PBGC assumes all obligations
Employer liability is capped at contributions made in the final plan year
All contributing employers are jointly and severally liable for the plan's unfunded vested benefits (Correct answer)

Correct answer: All contributing employers are jointly and severally liable for the plan's unfunded vested benefits

Upon mass withdrawal termination of a multiemployer plan, all employers who contributed to the plan become jointly and severally liable for the plan's unfunded vested benefits.

Question 60: After a standard defined benefit plan termination, within how many days of completing distributions must the plan administrator file the post-distribution certification with the PBGC?

90 days
30 days
180 days
60 days (Correct answer)

Correct answer: 60 days

The plan administrator must file PBGC Form 501 (Post-Distribution Certification) within 30 days after the last distribution date of the standard termination.

Question 61: Which segment rate is used to discount liabilities for benefit payments expected more than 20 years from the valuation date?

First segment rate
Second segment rate
Blended average of all three segment rates
Third segment rate (Correct answer)

Correct answer: Third segment rate

The third segment rate, reflecting longer-maturity corporate bond yields, applies to benefit payments due more than 20 years after the valuation date.

Question 62: The ACP (Actual Contribution Percentage) test under IRC Section 401(m) applies to which types of contributions made to a 401(k) plan?

Employer matching contributions and voluntary after-tax employee contributions (Correct answer)
Employer profit-sharing and non-elective contributions only
All employer contributions including non-elective, matching, and qualified non-elective contributions
Employee elective deferrals only

Correct answer: Employer matching contributions and voluntary after-tax employee contributions

The ACP test applies to employer matching contributions and voluntary after-tax employee contributions, which are separate from elective deferrals tested under the ADP test.

Question 63: A plan's adjusted funding target attainment percentage (AFTAP) falls below 60%. What benefit restriction is triggered?

No benefit payments can be made
The plan must be terminated within 30 days
Lump-sum payments and accelerated benefit forms are restricted
All benefit accruals must cease immediately (Correct answer)

Correct answer: All benefit accruals must cease immediately

When AFTAP falls below 60%, the plan must cease all future benefit accruals until the percentage is restored above the threshold.

Question 64: A client's 401(k) plan has failed the ADP test. The CPC recommends a corrective distribution. What is the deadline for making corrective distributions to avoid the 10% excise tax on excess contributions?

12 months after the close of the plan year
2½ months after the close of the plan year (Correct answer)
6 months after the close of the plan year
30 days after the close of the plan year

Correct answer: 2½ months after the close of the plan year

Corrective distributions of excess contributions from a failed ADP test must be made within 2½ months after the close of the plan year to avoid the 10% excise tax imposed on the employer.

Question 65: Under IRC Section 410(a), what is the maximum age and service requirement a qualified retirement plan may impose before allowing an employee to participate?

Age 21 with 2 years of service
Age 25 with 1 year of service
Age 18 with 6 months of service
Age 21 with 1 year of service (Correct answer)

Correct answer: Age 21 with 1 year of service

IRC 410(a) permits plans to require employees to be at least age 21 and complete 1 year of service (1,000 hours) before becoming eligible to participate.

Question 66: An employer maintains two plans: a profit-sharing plan and a 401(k) plan. For §415(c) annual addition limit purposes, contributions to BOTH plans for the same employee are:

Subject to separate limits per plan
Only the larger plan's contributions are counted
Aggregated and subject to one combined limit (Correct answer)
Aggregated only if the employer contributes more than 6% of compensation

Correct answer: Aggregated and subject to one combined limit

IRC §415(c) aggregates all annual additions across all defined contribution plans maintained by the same employer, applying one combined limit.

Question 67: An employer that terminates a defined benefit plan with insufficient assets to cover guaranteed benefits may owe the PBGC an employer liability. What is the maximum amount of this liability?

5% of plan assets at termination
The present value of all future PBGC premiums
30% of the employer's net worth (Correct answer)
100% of the unfunded benefit liabilities

Correct answer: 30% of the employer's net worth

Under ERISA Section 4062, the employer's liability to the PBGC for an underfunded plan termination is capped at 30% of the controlled group's net worth.

Question 68: A plan sponsor wants to reduce the pension plan's balance sheet volatility recognized under ASC 715. Which strategy MOST directly achieves this?

Implementing a liability-driven investment strategy to match asset and liability movements (Correct answer)
Switching to a defined contribution plan format for accounting purposes
Increasing the plan's equity allocation to boost asset returns
Deferring actuarial gains and losses using corridor amortization

Correct answer: Implementing a liability-driven investment strategy to match asset and liability movements

LDI reduces balance sheet volatility by aligning asset duration with liability duration so that assets and liabilities move together when discount rates change.

Question 69: A cash balance plan credits participant accounts with a 5% annual pay credit and a 4% annual interest credit. Under IRC Section 411(b)(5), what is the maximum interest crediting rate generally permitted to avoid being treated as backloading?

120% of the federal mid-term rate
Prime rate plus 1%
A market rate of return on plan assets or a reasonable rate (Correct answer)
The 30-year Treasury rate

Correct answer: A market rate of return on plan assets or a reasonable rate

IRC Section 411(b)(5) requires that the interest crediting rate for cash balance plans not exceed a market rate of return, and provides several safe harbor rates to satisfy this requirement.

Question 70: Under the coverage test, which method counts each employee who benefits from a plan as a fraction equal to their plan benefit ratio divided by the highest ratio?

Minimum coverage safe harbor
Classification test
Ratio percentage test
Average benefit percentage test (Correct answer)

Correct answer: Average benefit percentage test

The average benefit percentage test uses a fractional benefit approach to determine if the average benefit percentage for NHCEs is at least 70% of that for HCEs.

Question 71: What does diversification help to achieve in investing?

Increase taxes
Reduce investment risk (Correct answer)
Focus on one asset
Guarantee profits

Correct answer: Reduce investment risk

Diversification is a strategy of spreading investments across various asset classes, industries, and geographies. Its primary purpose is to reduce overall investment risk by minimizing the impact of any single investment performing poorly. By not putting all eggs in one basket, investors can achieve a more stable portfolio and potentially smoother returns over time.

Question 72: When conducting a plan audit readiness review, which document is the CPC most critical to verify is current and properly adopted?

The investment policy statement (IPS)
The most recent Summary Annual Report (SAR)
The plan's adoption agreement or restated plan document with all required amendments (Correct answer)
The most recent actuarial valuation report

Correct answer: The plan's adoption agreement or restated plan document with all required amendments

An outdated or improperly adopted plan document is one of the most common audit findings; the plan must operate in conformance with its terms, which requires timely adoption of mandatory and discretionary amendments.

Question 73: What is the maximum contribution limit to a 401(k) plan for 2024 (excluding catch-up)?

$24,000
$19,500
$20,500
$23,000 (Correct answer)

Correct answer: $23,000

For 2024, the Internal Revenue Service (IRS) increased the maximum employee contribution limit for 401(k) plans (and 403(b) and most 457 plans) to $23,000. This limit applies to elective deferrals, meaning the amount an employee can contribute from their paycheck. It does not include additional catch-up contributions allowed for individuals aged 50 and over.

Question 74: What is the IRS filing required when a qualified plan terminates to request a determination that the plan is still qualified at termination?

Form 5500-SUP
Form 5310 (Application for Determination for Terminating Plan) (Correct answer)
Form 5330
Form 1099-R

Correct answer: Form 5310 (Application for Determination for Terminating Plan)

IRS Form 5310 is filed to request a determination letter confirming the plan was qualified at the time of its termination.

Question 75: What is the significance of ERISA Section 3(21) in defining who is a plan fiduciary with ethical obligations?

It defines the actuarial standards for plan valuations
It defines the coverage and nondiscrimination testing rules
It identifies as fiduciaries anyone who exercises discretionary authority over plan management, assets, or administration, or who provides investment advice for a fee (Correct answer)
It establishes the minimum vesting schedules for qualified plans

Correct answer: It identifies as fiduciaries anyone who exercises discretionary authority over plan management, assets, or administration, or who provides investment advice for a fee

ERISA Section 3(21) defines a plan fiduciary as any person who exercises discretionary authority or control over plan management or assets, or who renders investment advice for a fee.

Question 76: Which plan distribution option allows a participant to receive employer stock at its cost basis and defer tax on the net unrealized appreciation (NUA) until the stock is sold?

Installment distribution over 10 years
Direct rollover to an IRA
In-service withdrawal after age 59½
Lump-sum distribution with NUA treatment under IRC Section 402(e)(4) (Correct answer)

Correct answer: Lump-sum distribution with NUA treatment under IRC Section 402(e)(4)

IRC Section 402(e)(4) allows NUA on employer stock distributed in a lump sum to be taxed at long-term capital gains rates rather than ordinary income rates when the stock is later sold.

Question 77: How does the 'net unrealized appreciation' (NUA) strategy benefit a participant receiving employer stock in a lump-sum distribution?

NUA is excluded from income entirely, both at distribution and sale
NUA is taxed at distribution as long-term capital gains; additional appreciation above NUA at sale is also capital gains (Correct answer)
NUA defers all taxation until the stock is donated to charity
NUA is taxed at distribution as ordinary income; gains above NUA at sale are capital gains

Correct answer: NUA is taxed at distribution as long-term capital gains; additional appreciation above NUA at sale is also capital gains

At distribution, only the cost basis (not NUA) is taxed as ordinary income; the NUA itself and any subsequent appreciation are taxed at long-term capital gains rates when the stock is sold.

Question 78: What is the purpose of the 'credit balance' in a defined benefit plan's funding standard account?

To track excess contributions that can offset future minimum required contributions (Correct answer)
To reduce the plan's vested benefit obligation
To satisfy PBGC variable-rate premium obligations
To record investment gains for distribution to participants

Correct answer: To track excess contributions that can offset future minimum required contributions

A funding standard account credit balance represents contributions made in excess of the minimum required amount and can be applied to reduce future minimum contributions.

Question 79: What is the maximum period over which a funding shortfall amortization charge can be spread under IRC Section 430?

15 years
5 years
7 years (Correct answer)
10 years

Correct answer: 7 years

Under IRC Section 430, shortfall amortization bases are amortized over 7 years from the year they are established.

Question 80: The concept of 'settlor functions' is important in fiduciary analysis because:

Settlor functions trigger the highest level of fiduciary scrutiny
Settlor functions automatically make the employer a plan fiduciary
Only settlor functions can be delegated to third parties
Decisions about plan design and establishment are generally not fiduciary acts (Correct answer)

Correct answer: Decisions about plan design and establishment are generally not fiduciary acts

Courts and the DOL distinguish between settlor functions (plan design, amendment, termination) which are business decisions, and fiduciary functions (plan administration) which trigger ERISA duties.

Question 81: A defined benefit plan terminates in a standard termination. Which agency must the plan sponsor notify before distributing plan assets?

Securities and Exchange Commission (SEC)
Internal Revenue Service (IRS)
Pension Benefit Guaranty Corporation (PBGC) (Correct answer)
Department of Labor (DOL)

Correct answer: Pension Benefit Guaranty Corporation (PBGC)

In a standard termination, the plan sponsor must file a Notice of Intent to Terminate (NOIT) and then a Standard Termination Notice with the PBGC before distributing assets.

Question 82: Under the ADP test for a 401(k) plan, if the actual deferral percentage (ADP) of non-highly compensated employees (NHCEs) is 5%, what is the maximum ADP permitted for highly compensated employees (HCEs)?

7% (Correct answer)
10%
6.25%
7.5%

Correct answer: 7%

When the NHCE ADP falls between 2% and 8%, the HCE ADP may be up to the NHCE ADP plus 2 percentage points; therefore, 5% + 2% = 7%.

Question 83: Under ERISA Section 514(a), which of the following laws is generally preempted by ERISA for employer-sponsored benefit plans?

State laws that mandate specific benefit coverage for self-insured ERISA plans (Correct answer)
State insurance laws that regulate insured benefit plans indirectly through the deemer clause exception
State workers' compensation laws
State payroll tax laws

Correct answer: State laws that mandate specific benefit coverage for self-insured ERISA plans

ERISA preempts state laws that 'relate to' employee benefit plans; under the deemer clause, self-insured plans cannot be deemed insurance companies, so state benefit mandate laws do not apply to them.

Question 84: Which of the following best describes the 'at-risk' liability used in defined benefit funding calculations?

Liability assuming maximum lump-sum elections and early retirement (Correct answer)
Liability assuming all participants retire at the earliest possible date
Liability calculated without mortality assumptions
Liability using the highest possible discount rate

Correct answer: Liability assuming maximum lump-sum elections and early retirement

At-risk liability assumes participants will elect the most expensive optional form of payment and retire at the earliest retirement age if that increases liability.

Question 85: What is the primary purpose of ASPPA's CPE (continuing professional education) requirements for CPC credential holders?

To satisfy IRS enrolled actuary CE requirements only
To qualify CPCs for promotion to senior actuarial roles
To ensure credential holders maintain current knowledge of laws, regulations, and best practices relevant to their work (Correct answer)
To increase ASPPA membership revenue

Correct answer: To ensure credential holders maintain current knowledge of laws, regulations, and best practices relevant to their work

CPE requirements ensure that CPC credential holders remain current with evolving pension law, regulations, and professional standards essential to competent client service.

Question 86: Under ERISA's duty of loyalty, a plan fiduciary must act:

In the interest of the employer when the employer and participants have conflicting interests
In the interest of the plan's investment manager
Solely in the interest of plan participants and beneficiaries (Correct answer)
In the interest of the plan sponsor and participants equally

Correct answer: Solely in the interest of plan participants and beneficiaries

ERISA's duty of loyalty requires fiduciaries to act solely in the interest of plan participants and beneficiaries, excluding consideration of employer or other party interests.

Question 87: A spouse beneficiary rolls over a deceased participant's 401(k) to an inherited IRA (not a spousal rollover IRA). What unique rule applies?

The spouse can delay RMDs until the deceased participant would have reached the RMD age (Correct answer)
The surviving spouse cannot take penalty-free distributions before age 59½
The account must be fully distributed within 10 years
Distributions must begin immediately regardless of spouse's age

Correct answer: The spouse can delay RMDs until the deceased participant would have reached the RMD age

A surviving spouse who keeps assets in an inherited IRA can defer RMDs until the deceased participant would have reached the applicable RMD age.

Question 88: What does COBRA provide to employees?

Retirement contributions
Higher salaries
Immediate pension benefits
Continuation of health insurance (Correct answer)

Correct answer: Continuation of health insurance

The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods. This continuation coverage is available under specific circumstances, such as job loss, reduction in hours, or other qualifying events, ensuring a temporary bridge for health coverage.

Question 89: The DOL's 2024 fiduciary rule expansion primarily targeted which type of financial advice interaction?

Ongoing investment management of plan assets
One-time rollover recommendations to IRA accounts (Correct answer)
Group health plan enrollment counseling
Annual actuarial valuations of defined benefit plans

Correct answer: One-time rollover recommendations to IRA accounts

The DOL's 2024 fiduciary rule update expanded the definition of investment advice fiduciary to cover one-time rollover recommendations, which were previously excluded under the five-part test.

Question 90: A pension consultant recommends rebalancing a portfolio from 65/35 equity/bond back to target weights after a strong equity rally. This practice primarily manages:

Interest rate duration risk
Manager selection risk
Liquidity risk
Drift risk and unintended asset allocation exposure (Correct answer)

Correct answer: Drift risk and unintended asset allocation exposure

Rebalancing corrects drift from target allocations caused by differential asset class returns, preventing unintended concentration risk.

Question 91: Under ERISA Section 3(38), an 'investment manager' must be all of the following EXCEPT:

Acknowledged in writing to be a plan fiduciary
A licensed broker-dealer registered with FINRA (Correct answer)
A bank or insurance company
A registered investment adviser under the Investment Advisers Act

Correct answer: A licensed broker-dealer registered with FINRA

ERISA Section 3(38) defines an investment manager as an RIA, bank, or insurance company that acknowledges fiduciary status in writing; broker-dealer registration alone does not qualify.

Question 92: An employee terminates vested participation in a defined benefit plan. When must the plan begin distributions if the employee does not elect otherwise and has reached normal retirement age?

Within 60 days of the later of plan year end or attainment of normal retirement age (Correct answer)
By December 31 of the year following termination
Within 90 days of termination
No later than April 1 following the year the employee turns 73

Correct answer: Within 60 days of the later of plan year end or attainment of normal retirement age

ERISA requires that benefits be available within 60 days of the close of the plan year in which the later of normal retirement age attainment or plan participation occurs.

Question 93: A plan sponsor wants to add a cash balance formula alongside an existing final average pay formula in the same plan. What is this arrangement called?

Hybrid plan (Correct answer)
Floor-offset plan
Tiered benefit plan
Pension equity plan

Correct answer: Hybrid plan

A plan combining a traditional defined benefit formula with a cash balance formula is a hybrid plan design.

Question 94: When a plan fiduciary discovers that a prohibited transaction has already occurred, the most appropriate first step is to:

Immediately terminate the service provider involved
Seek legal counsel and consider voluntary correction through DOL programs (Correct answer)
Transfer the plan to a different plan sponsor
Remove the information from plan records to avoid penalties

Correct answer: Seek legal counsel and consider voluntary correction through DOL programs

The DOL's Voluntary Fiduciary Correction Program (VFCP) allows fiduciaries to correct prohibited transactions and receive a no-action letter, reducing exposure to penalties.

Question 95: The General Rule for taxation of annuity payments applies when?

All annuity payments began before 1987
The participant's after-tax investment in the contract cannot be recovered using the Simplified Method (Correct answer)
The participant made no after-tax contributions to the plan
The annuity is provided through an IRA

Correct answer: The participant's after-tax investment in the contract cannot be recovered using the Simplified Method

The General Rule applies to annuity payees who cannot use the Simplified Method, typically because their annuity starting date predates 1987 or the pension is from a non-qualified plan.

Question 96: What is the tax treatment of an excess deferral (amount deferred above the IRC Section 402(g) limit) if not corrected by April 15 of the following year?

It is subject only to the 10% early withdrawal penalty
It is treated as a Roth contribution automatically
It is taxed in the year of deferral AND again when distributed, resulting in double taxation (Correct answer)
It is forfeited to the plan

Correct answer: It is taxed in the year of deferral AND again when distributed, resulting in double taxation

Excess deferrals not returned by April 15 are included in income in the year of the excess deferral and again upon distribution, creating double taxation.

Question 97: Which IRS notice must a plan administrator provide to a participant at least 30 days before an eligible rollover distribution, explaining rollover options and withholding rules?

SPD Notice
204(h) Notice
402(f) Notice (Correct answer)
QJSA Notice

Correct answer: 402(f) Notice

The 402(f) notice (safe harbor rollover notice) must be provided 30–180 days before distribution, informing participants of their right to a direct rollover and the 20% mandatory withholding on taxable distributions.

Question 98: A pension consultant recommends that a plan trustee invest 60% of plan assets in the employer's own stock. This recommendation most likely violates which ERISA principle?

The diversification requirement under Section 404(a)(1)(C) (Correct answer)
The bonding requirements of Section 412
The prohibited transaction rules of Section 406
The exclusive benefit rule

Correct answer: The diversification requirement under Section 404(a)(1)(C)

ERISA Section 404(a)(1)(C) requires fiduciaries to diversify plan investments to minimize the risk of large losses, and concentrating 60% in employer stock would likely violate this duty.

Question 99: When a 401(k) plan terminates and a successor plan exists, can participants receive their accounts as cash distributions without the 10% early withdrawal penalty?

No, a successor plan blocks penalty-free distributions; participants must roll over or wait until age 59½ (Correct answer)
Yes, plan termination is always an exception to the 10% penalty
Yes, but only for participants with fewer than 5 years of service
No, the distribution must occur within 60 days of termination

Correct answer: No, a successor plan blocks penalty-free distributions; participants must roll over or wait until age 59½

The plan termination exception to the 10% early withdrawal penalty does not apply to 401(k) plans if the employer establishes or maintains a successor plan within 12 months after distributing assets.

Question 100: What is asset allocation?

Keeping all money in savings
Dividing investments among various asset classes (Correct answer)
Choosing only stocks
Avoiding investment diversification

Correct answer: Dividing investments among various asset classes

Asset allocation is an investment strategy that involves dividing an investment portfolio among different asset classes, such as stocks, bonds, and cash equivalents. The goal is to balance risk and reward by diversifying investments, which can help mitigate overall portfolio volatility and improve long-term returns. It's a key component of a sound investment strategy.

Question 101: For vesting purposes under ERISA, a 'year of service' is generally defined as a 12-consecutive-month period in which an employee completes at least how many hours of service?

500 hours
750 hours
1,250 hours
1,000 hours (Correct answer)

Correct answer: 1,000 hours

An employee must complete at least 1,000 hours of service within a 12-consecutive-month period to be credited with a year of service for vesting purposes.

ASPPA Certified Pension Consultant (CPC) Examination

The CPC is ASPPA's premier credential for retirement plan professionals, assessing mastery of advanced plan design, consulting, defined benefit and defined contribution administration, fiduciary responsibilities, and all aspects of qualified retirement plans.

100

Questions

270 min

Time Limit

70%

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