Kaplan Questions

Question 1

What is the purpose of ERISA?

Answer 1

To give protection to persons covered under employer-sponsored retirement plans.

ERISA stands for the Employee Retirement Income Security Act.

Question 2

Which of the following is NOT included in ERISA regulations?

Answer 2

B) quarterly statements of accounts.

The options included nondiscrimination rules, the requirement to name a beneficiary, and minimum vesting schedules.

Question 3

Fill in the blank: ERISA includes _______ rules.

Answer 3

[nondiscrimination]

Question 4

True or False: ERISA requires employers to provide quarterly statements of accounts.

Answer 4

False

Quarterly statements of accounts are not a requirement under ERISA.

Question 5

What is one requirement of ERISA regarding beneficiaries?

Answer 5

To name a beneficiary.

This ensures that the benefits are assigned to a designated individual.

Question 6

What are minimum vesting schedules in the context of ERISA?

Answer 6

Regulations that specify the period employees must work to earn the right to their retirement benefits.

Vesting schedules are critical for employees to secure their retirement funds.