Assignment 6 - Week 6 Plan Administration and Plan...

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1 Week 6 Plan Administration and Plan Distribution Review Questions 1. The fiduciary responsibility net includes any person who: (1) exercises any discretionary authority or control over plan management (2) exercises any control over plan asset management (3) renders investment advice for compensation (4) has discretionary authority or responsibility in plan administration a. (1) only b. (1) and (2) only c. (1), (2), and (3) only d. (1), (2), (3), and (4) 2. Which one of the following best identifies the term used to identify a fiduciary’s general investment responsibility? a. prudent man requirement b. trusted advisor requirement c. diversification requirement d. investment policy requirement 3. In general terms, a number of transactions are prohibited between the plan and a number of people, including: a fiduciary, a person providing service to the plan, an employer, owner, or employee organization. Which one of the following correctly identifies the term used to describe these people? a. employee-in-general b. owner of a 5% or more interest c. party-in-interest d. a Department of Labor administrator 4. Which one of the following is the term used to identify income of a tax-exempt organization that may be subject to taxation? a. loan to an Employee Stock Ownership Plan (ESOP)
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Assignment 6 - Week 6 Plan Administration and Plan...

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