Which of the following is (are) true regarding Section 401(k) plans?

Distributions from a traditional IRA cannot be made before the participant turns 59½ unless the IRA owner dies.

Which of the following options are good questions to ask about existing benefit plans?(I)Who is covered?(II)What benefits are provided?(III)How is the plan funded?(IV)Who administers the plan?

Jack Breem works for Metro Corp. Metro uses a calendar year accrual method of tracking financial transactions. Jack earned a bonus in December of this year. Which of the following is true?

Pam wants to use money from a traditional IRA for a down payment to purchase a first home. How much can she withdraw from her IRA without having to pay the federal early distribution penalty?

Seven years ago, Alten Tool and Die installed a profit sharing plan and a managed care plan. Three years ago, the director of Alten retired. The new director was an outside hire who changed several aspects of the business’s organization but left the existing benefit program in place. During the past 5 years, tensions among union and nonunion workers resulted in about 10% turnover in the workforce. The current set of workers is about 3 years younger, on average, than the previous set of workers. Which step in the employee benefit planning process has the director of Alten neglected?

Directors of Xenon Corporation are considering changing from a traditional defined benefit plan to another type of plan. They have asked you to explain the advantages and disadvantages of such a change. You explain that if Xenon Corp. converts to

Truth in Lending requirements apply to every loan an employer makes.

An individual who has a Keogh plan cannot also invest in a traditional or Roth IRA.

An employer can sponsor an IRA for employees. Which of the following types of programs can be used for this purpose?(I)Rollover IRA(II)Deemed IRA(III)SEP(IV)SIMPLE IRA