CDFA Exam Studyguide

CDFA Exam Studyguide
Question : 5-year cliff vesting
CORRECT ANSWER: An employee who has at least five
years of service must have a non-forfeitable right to of
the employee's accrued benefit [IRC §411(a)(2)(A)].
Question : 3- to 7-year vesting (7-year graded vesting)
CORRECT ANSWER: An employee who has completed at
least three years of service must have a non-forfeitable right
to at least the following percentages of his or her accrued
benefit: 20% after three years of service, 40% after four years
of service, 60% after five years of service, 80% after six years
of service, and after seven years of service [IRC
§411(a)(2)(B)].
Question : Top-heavy plans or matching contributions
typically use _________ vesting
CORRECT ANSWER: 3-year cliff vesting or 6-year graded
vesting.
Question : Schedule A: Itemized Deductions

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