Qualified/Non Qualified
401(K) Plan
Current Events
100
The funded status of a defined benefit pension plan for a company should be reported in: a) The statement of cash flows. b) The statement of financial position. c) The income statement. d) The notes to the financial statements only.
b) The statement of financial position.
100
True or False: 401(K)'s are tax deferred retirement plans?
True
100
The new retirement plan announced by President Obama
What is myRA?
200
An overfunded single-employer defined benefit postretirement plan should be recognized in a classified statement of financial position as a: a.) Noncurrent liability b.) Current Asset c.) Current Liability d.) Noncurrent Asset
d.) Noncurrent Asset
200
What is the maximum elective deferral for a 401(k) plan, including any catch-up contributions?
$23,000
200
True of False: Participation in myRA is mandatory
What is false?
300
Footnote disclosures in the financial statements for pensions do not require inclusion of which of the following? a. The amount of unrecognized prior service cost. b. A detailed description of the plan including employee groups covered. c. The differences in executive and non-executive plans. d. The components of period pension costs.
c. The differences in executive and non-executive plans.
300
George Jones makes $50,000 and has elected to contribute 5% of his annual salary to his 401(k) plan each year. George’s company offers a 7% match. What is the total contribution into the 401(k) plan?
$5,000
300
myRA is structured like this other retirement plan
What is a Roth IRA?
400
5. Which of the following defined benefit pension plan disclosures should be made in a company's financial statements? I. The funded status of the plan. II. The amount of net periodic pension cost for the period. III. The fair value of plan assets. a. I, II, and III. b. I and II. c. I only. d. II and III.
a. I, II, and III.
400
Name one difference between a Roth 401(k) and a Roth IRA
A Roth 401(k) does not have income limits or Roth IRA's do not require a minimum distribution requirement
400
The minimum contribution needed to start a myRA account
What is $25
500
Under U.S. GAAP, what is the present value of all future retirement payments attributed by the pension benefit formula to employee services rendered prior to that date and based on past and current compensation levels only? a. Projected benefit obligation. b. Accumulated benefit obligation. c. Interest cost. d. Service cost.
b.) Accumulated benefit obligation
500
Generally, when must you begin taking required minimum distributions from 401(k)'s? (3 Parts)
April 1 following the later of the calendar year in which you reach 70 ½ or you retire
500
The myRA savings limit
What is $15,000
M
e
n
u