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Qualified Retirement Plan Eligibility Quiz

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Qualified Retirement Plan Eligibility Quiz

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Questions and Answers

Which of the following is a common type of qualified retirement plan?

Social Security

Savings account

Roth IRA

401(k) plan (correct)

Which of the following is a requirement for eligibility in a qualified retirement plan?

Being employed by the same company for at least one year (correct)

Being a U.S. citizen

Earning a minimum income of $100,000 per year

Having a minimum age of 25

What is a qualified retirement plan?

A retirement plan that provides benefits only to high-income individuals

A retirement plan that is open to anyone, regardless of their employment status

A retirement plan that is not subject to any government regulations

A retirement plan that meets certain requirements under the Internal Revenue Code (correct)

What is an automatic contribution arrangement in a qualified retirement plan?

A plan where contributions are made automatically by the employer Signup and view all the answers

What are the benefits of participating in a qualified retirement plan with an automatic contribution arrangement?

Tax advantages and potential employer matching contributions Signup and view all the answers

What is the purpose of an automatic contribution arrangement in a qualified retirement plan?

To encourage employees to save for retirement Signup and view all the answers

Qualified Retirement Plan Eligibility Quiz

Choose a study mode

Podcast

Questions and Answers

Which of the following is a common type of qualified retirement plan?

Which of the following is a requirement for eligibility in a qualified retirement plan?

What is a qualified retirement plan?

What is an automatic contribution arrangement in a qualified retirement plan?

What are the benefits of participating in a qualified retirement plan with an automatic contribution arrangement?

What is the purpose of an automatic contribution arrangement in a qualified retirement plan?

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