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Chapters_15___16_example_test_questions_Solutions

Chapters_15___16_example_test_questions_Solutions -...

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Example Test Questions Chapter 15 1. Tim has a 25% interest in Hill and Associates, a partnership. Tim is eligible for coverage as an employee under the firm's qualified pension plan. ANS: F PTS: 1 2. A Keogh plan can be either a defined benefit or a defined contribution plan and the rules are similar to those of a qualified pension plan. ANS: T PTS: 1 3. A taxpayer must begin withdrawals from any type of retirement plan (except a Roth IRA) no later than April 1 of the tax year after the taxpayer reaches age 59 1 / 2 or, if later, the year they retire. ANS: F PTS: 1 4. All of the following are requirements of a qualified pension plan except : a. The plan must be in writing. b. The plan cannot discriminate in favor of highly paid employees. c. The plan must be for the exclusive benefit of the employees or their beneficiaries. d. The plan must cover all employees who have worked for the company more than 18 months.
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