CTFA Retirement and Employee Benefits Planning

Question 1

What is the required beginning date (RBD) for taking required minimum distributions (RMDs) from a traditional IRA under the SECURE 2.0 Act?

Accepted Answer

April 1 following the year the owner turns 73

Answer

December 31 of the year the owner turns 70½

Answer

April 1 following the year the owner turns 72

Answer

December 31 of the year the owner retires

Question 2

Under ERISA, which of the following is the correct definition of a plan fiduciary?

Accepted Answer

Anyone who exercises discretionary authority over plan management or assets or provides investment advice for compensation

Answer

Only the plan sponsor's board of directors

Answer

The plan's named trustee and no one else

Answer

Any service provider who receives payment from the plan

Question 3

Which type of IRA allows qualified distributions to be completely tax-free in retirement?

Accepted Answer

Roth IRA

Answer

Traditional IRA

Answer

SEP-IRA

Answer

SIMPLE IRA

Question 4

The 10-year rule under the SECURE Act requires most non-spouse inherited IRA beneficiaries to do which of the following?

Accepted Answer

Distribute the entire inherited IRA within 10 years of the owner's death

Answer

Take required minimum distributions based on their own life expectancy

Answer

Distribute 10% of the account each year for 10 years

Answer

Immediately roll the inherited IRA into their own IRA

Question 5

Which qualified retirement plan type allows employer contributions only, with no employee elective deferrals?

Accepted Answer

Simplified Employee Pension (SEP-IRA)

Answer

SIMPLE IRA

Answer

401(k) plan

Answer

403(b) plan

Question 6

What is the maximum employee elective deferral limit for a 401(k) plan in 2024?

Accepted Answer

$23,000

Answer

$19,500

Answer

$66,000

Answer

$7,000