Qualified Plans (ID-L)

What is the maximum number of employees that an employer can have to set up a savings incentive match plan for employees (SIMPLE)?

With a simplified employee pension (SEP), the employer can contribute up to how much?

Which of the following is correct about a SIMPLE?

Which of the following is correct about a SEP?

Jim owns a marketing firm; he wants to set up a retirement plan for each of his 20 employees that will allow him to contribute to the plans, and will also give the employees the option of contributing to their own plan. What type of IRA should he set up?

What is another name for a defined benefit plan?

Compared to a 401(k), a 403(b) is what?

Lisa has a retirement plan through the public school that she works for. Which type of plan does she most likely have?

Plans such as 401(k) and 403(b) are what type of plans?

Self-employed plans can also be called what?

Which of the following is a defined contribution qualified retirement plan offered by large for-profit employers for their employees?

Who can contribute to a 401(k)?

Which of the following is a defined contribution qualified retirement plan offered by is offered by public schools, religious groups, and other tax-exempt organizations for their employees?

Which of the following statements is FALSE about qualified plans?

Which of the following does NOT correctly state a requirement for an employer that offers a qualified plan to its employees?

Samantha is 62 years-old and is withdrawing money from her 401(k). What does she need to pay the IRS?

When money is withdrawn from a qualified plan, the person must pay income tax on all the money received, and withdrawals before age 59½ are subject to what?

Which of the following does NOT correctly state a requirement for an employer that offers a qualified plan to its employees?

Which of the following statements is FALSE about qualified plans?

Which of the following is correct about required minimum distributions (RMDs) for someone with a qualified plan?