401k plan - Study guides, Class notes & Summaries

Broad view of Employee Benefits (Mod 1.1) - Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that result from the employment relationship and that are ...

2-14 Insurance License Exam questions and answers 401K Plan - answer-A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollards Absolute Assigment vs. Collateral Asssigment - answer-Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - answer-Policy provision that allows full or partial ...

Pension Plan - ANSWER Arrangement where an employer provides benefits to employees after they retire for services they provided while employed Defined Contribution Plan (401k) - ANSWER 1. Amount of contribution are known (defined), based on a formula determining employer match 2. NO promises regarding size of benefits received by retiree -investment risk is WITH employee

401K A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis. 403 (b) A U.S. tax-advantaged retirement savings plan available for public education organizations...

401(k) plan - a. Must have taxable income b. Must be under age 72 c. Annual contributions to a 401K plan are income-tax deductible, investment income accumulates tax free, and distributions are taxed upon withdrawal d. Withdraw without penalty at age 59 ½ e. Certain hardship exceptions prior to age 59 ½ f. 2021 Maximum annual contribution- $19,500 g. 2021 over 50 catch up- $6,500 per year for a total of $26,000 h. Any employer match that you receive does not count toward this limit! a...

CPWA ALL SECTIONS EXAM QUESTIONS AND REVISED ANSWERS UPDATE (ALREADY GRADED A+) 1. Planning implications of stock option award programs - Answer- - Conversion of income = converting it from Ordinary to capital gains tax rates- Ensure you get qualifying distributions for ISOs (unless stock price is decreasing)- unregistereed shares under 144 must be held for a minimum of 12 monts (6 months for registerred shares)- NQSOs: a. To avoid section 409A, the exercise price must not be less than the v...

Broad view of Employee Benefits (Mod 1.1) - correct answer Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - correct answer Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that result from the employ...

Life Insurance Exam 1 (Primerica) Actual Final Questions and Answers 2024/2025 401k plan - CORRECT ANSWER-A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - CORRECT ANSWER-Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - CORREC...

Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. 3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? Sole Proprietorship A ______is a joint co-owner partnership established to specifically increase bonding and bidding capacities and profits. General Proprietorship Provisions of the A...

CEBS GBA Exam 1 Questions & Answers 2023/2024 Broad view of Employee Benefits (Mod 1.1) - ANSWER-Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - ANSWER-Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benef...