Which of the following statements concerning an employer-provided qualified reti
ID: 2548576 • Letter: W
Question
Which of the following statements concerning an employer-provided qualified retirement plan is true?
The plan can be a written or oral.
The assets of the plan must be managed for the exclusive benefit of the employees and their families.
The employee-participants must have a nonforfeitable right to receive all of their retirement benefits after no more than two years of service with the employer.
The plan may discriminate in favor of the company's owner-employees.
The plan can be a written or oral.
The assets of the plan must be managed for the exclusive benefit of the employees and their families.
The employee-participants must have a nonforfeitable right to receive all of their retirement benefits after no more than two years of service with the employer.
The plan may discriminate in favor of the company's owner-employees.
Explanation / Answer
B.The assets of the plan must be managed for the exclusive benefit of the employees and their families.
This is called the 'exclusive benefit' rule, to which employer provided exclusive benefit plans are subject to.
The plan must be written to comply with the law.
Employees have non forfeitable interest for time periods which are less than two years in certain cases.
The plan shall not descriminate among owner employees.
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