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Questions and Answers
Which of the following is a common type of qualified retirement plan?
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?
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?
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?
What is an automatic contribution arrangement in a qualified retirement plan?
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What are the benefits of participating in a qualified retirement plan with an automatic contribution arrangement?
What are the benefits of participating in a qualified retirement plan with an automatic contribution arrangement?
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What is the purpose of an automatic contribution arrangement in a qualified retirement plan?
What is the purpose of an automatic contribution arrangement in a qualified retirement plan?
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