CDFA EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS

CDFA EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS ( ANSWERS)
Question 1: 5-year cliff vesting - An employee who has at least
five years of service must have a non-forfeitable right to what
percentage of the employee's accrued benefit [IRC
§411(a)(2)(A)]?
CORRECT ANSWER:
Question 2: 3- to 7-year vesting (7-year graded vesting) - An
employee who has completed at least three years of service must
have a non-forfeitable right to at least what percentage of his or
her accrued benefit after three years of service [IRC
§411(a)(2)(B)]?
CORRECT ANSWER: 20%
Question 3: Top-heavy plans or matching contributions typically
use what type of vesting?

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