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CFP Certification Exam: Retirement and Employee Benefits
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The CFP Certification Exam in the U.S. covers Retirement Planning and Employee Benefits as a major domain, focusing on qualified/non-qualified plans, Social Security, Medicare, and distribution strategies. It tests expertise in analyzing retirement needs, tax-advantaged savings options, and advising clients on maximizing benefits, typically comprising a significant portion of the 170-question, 6-hour exam.  Key Content Areas: Retirement and Employee Benefits Retirement Needs Analysis: Calculating required capital, retirement income goals, and analyzing factors like inflation and investment... Show more
CFP Certification Exam: Retirement and Employee Benefits
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25 Questions

1. A benefit plan is considered to be __________ if an employee has only the employer’s promise to pay an amount sometime in the future out of future cash flow.
2. For dependent group life insurance, the coverage on any dependent cannot exceed __________ of the coverage on the employee.
3. There is an excise tax of __________ on the amount that should have been distributed from a retirement plan according to required minimum distribution rules but was not.
4. In order to maintain a SIMPLE plan, an employer may not have more than __________ employees.
5. All but which of the following are characteristics of a SEP IRA?
6. A benefit plan is considered to be __________ if the deferred compensation is secured by property in which the employee has a beneficial interest.
7. Which of the following is the penalty for a premature distribution from a qualified plan, 403b plan, IRA, or SEP?
8. Which of the following is the tax consequence if an employer provides group prepaid legal services as a fringe benefit to an employee? Assume the employer pays for the entire benefit.
9. The excise tax for over contributing to an IRA will be imposed on a taxpayer:
10. Hardship withdrawals taken from a 401k plan before age 59 ½ typically require __________ of plan participation.
11. Which of the following are required for an employee to defer taxes on a nonqualified deferred compensation plan?
(1) The plan must be unfunded.
(2) The plan must be funded.
(3) The plan must be subject to substantial risk of forfeiture.
(4) The plan must not be subject to substantial risk of forfeiture.
12. The cost of employer-provided life insurance coverage up to __________on dependents is excludible from income as a de minimis fringe benefit. The cost of coverage over the threshold is fully taxable to the employee.
13. Which of the following is/are correct regarding business overhead insurance?
(1) Business overhead insurance covers all ongoing business expenses during the time of an owner’s disability, and may reimburse the owner/employee for his or her salary during that time.
(2) Business overhead insurance is designed to cover the ongoing expenses of a business if the owner becomes disabled.
14. Which of the following groups may be excluded from participating in an employee stock purchase plan (ESPP)?
15. Hardship withdrawals taken from a 401k plan are subject to a __________ premature distribution penalty.
16. For a SIMPLE plan, if an employer exceeds the maximum employee limit they are permitted to sponsor the plan for an additional __________ grace period.
17. All but which of the following retirement plans are subject to the Pension Benefit Guaranty Corporation (PBGC)?
18. Defined benefit plans tend to favor older employees for which of the following reasons?
19. Hardship withdrawals from a 401k plan can only occur after a participant has demonstrated to the plan administrator which of the following?
20. An employee will not be taxed on compensation if which of the following conditions are satisfied?
21. Which of the following is the contribution deadline to a SEP IRA?
22. In a defined benefit plan, if a participant’s expected pension benefit is $2,000 per month, how much life insurance on the participant’s life can the plan trustee apply for?
23. Which of the following is a deferred compensation plan under which an employee receives the benefits of stock ownership without actually receiving company stock? Benefits are measured by the increase in value of the employer’s stock.
24. Employees must be eligible to participate in a 401k plan within __________ after the later of attaining age 21 or completing 1 year of service.
25. For the substantially equal periodic payment (SEPP) exception to apply for premature distributions from a retirement plan, payments must continue for __________ or until the participant is __________, whichever is longer.

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