This module, which contains questions and answers regarding CFP Retirement Planning topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Qualified Plan Provisions – qualified plan requirements, tax incentives for qualified plans, eligibility and coverage requirements, age and service requirements, ratio percentage test, non-discrimination rules, ADP tests, ACP tests, highly compensated employees, non-highly compensated employees, average benefit percentage test, 50/40 test, qualified plan compensation limit, defined benefit limits, employee contribution limits, employee elective 401k deferral limits, distribution provisions for defined benefit plans, distribution provisions for defined contribution plans, cost basis determination, five-year averaging for lump sum distributions, requirements for five-year averaging, requirements for ten-year averaging, qualified domestic relations orders, early distribution penalties, minimum distribution penalties, distributions to non-spouse beneficiaries, surviving spouse beneficiaries, qualified plan fiduciary, non-fiduciary service providers, ERISA obligations of fiduciaries, parties in interest, prohibited transactions, fiduciary’s responsibilities, integration, excess and offset methods, maximum disparity, regular and top-heavy vesting requirements, five-year cliff vesting, three-to-seven year graduated vesting, top-heavy plans, key employees.
B. 401(k) and 403(b) Plans – advantages of 401k plans, salary reduction features, thrift plans, age-targeted plans, target benefit plans, age-based profit sharing plans, new comparability plans, loan guidelines, spousal benefits, joint and survivor annuities, 403b tax-deferred annuities, 403b catch-up provisions, 403b vesting guidelines, 403b investment holdings, tax implications of 403b plans.
C. IRA, SIMPLE, SEP & Keogh – limits for IRA contributions, requirements for deductions, Roth IRAs, distributions from Roth IRAs, SIMPLE plans, establishment & participation in SIMPLE plans, contributions to SIMPLE plans, distributions from SIMPLE plans, SEP plans, limits on SEP contributions, advantages of SEP plans, coverage requirements of SEP plans, Keogh plans, advantages of Keogh plans, types of Keogh plans, earned income considerations.
D. Pension & Profit Sharing Plans – pension vs. profit sharing plans, characteristics of defined benefit plans, formula for benefit determination, terminations of defined benefit plans, Pension benefit Guaranty Corporation, cash balance pension plans, characteristics of defined contribution plans, money purchase pension plan, profit sharing plans, forfeiture allocations, stock bonus plans, employee tax advantages, employee stock ownership plans.
E. Social Security & Employee Benefits – individuals covered, currently vs. fully insured, types of benefits, disability insurance, advantages of cafeteria plans, non-discrimination requirements for cafeteria plans, excluded benefits from cafeteria plans, split dollar life insurance, endorsement ownership, collateral assignment.
F. Non Qualified Plans – contributions and distributions from Section 457 plans, deferred compensation plans, rabbi trusts, incentive stock options, non-qualified stock options, phantom stock plans, voluntary employees’ beneficiary associations. |
