The numbering in ERISA fiduciary roles 3(16), 3(21), and 3(38) refers to which part of ERISA?
Fiduciary Erisa
Question · Easy
Which fiduciary role is defined under ERISA Section 3(16)?
A 3(21) investment fiduciary differs from a 3(38) investment manager primarily because the 3(21) fiduciary:
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When a plan sponsor hires a 3(38) investment manager, what is the sponsor's remaining fiduciary responsibility?
Question · Medium
ERISA's duty of loyalty requires that a fiduciary act:
ERISA's 'prudent expert' standard of care requires a fiduciary to act with the care, skill, and diligence that:
The ERISA duty to diversify plan investments is intended primarily to:
Under ERISA, a person is a functional fiduciary when they:
The ERISA 'exclusive benefit rule' requires plan assets to be held for the exclusive purpose of:
A fiduciary's adherence to the 'duty to follow plan documents' under ERISA means the fiduciary must:
A 3(16) plan administrator is generally responsible for which of the following?
Hiring a 3(21) investment adviser instead of a 3(38) investment manager generally means the plan sponsor:
Which statement best describes a 3(38) investment manager's authority?
Under ERISA's co-fiduciary liability rules, a fiduciary can be liable for another fiduciary's breach if the fiduciary:
A plan committee documents its fund-review meetings, comparisons against benchmarks, and decision rationale. This documentation primarily demonstrates compliance with the duty of:
An advisor recommends a plan use a 3(38) arrangement chiefly to help the sponsor:
Which of the following is considered a non-fiduciary, ministerial function rather than a fiduciary act?
ERISA's standards of conduct for fiduciaries are often summarized as four core duties. Which set correctly lists them?
Even after delegating duties to a 3(38) manager and a 3(16) administrator, the named fiduciary cannot delegate away the duty to:
A retirement plan investment committee that meets regularly, follows a charter, and documents decisions is establishing what governance tool that supports fiduciary prudence?
Under ERISA, the 'named fiduciary' is best described as the person or entity that:
A fiduciary who breaches an ERISA duty and causes a loss to the plan is personally liable to:
ERISA Section 406(a) generally prohibits transactions between a plan and a:
Prohibited Transactions
Which of the following is a 'party in interest' under ERISA?
ERISA Section 406(b) addresses self-dealing by prohibiting a fiduciary from:
The ERISA Section 408(b)(2) exemption permits a plan to pay a party in interest for services only if:
Why is the 408(b)(2) service-provider exemption important to a plan advisor?
A 'prohibited transaction' that is not exempt can result in:
Which of the following would most likely be a prohibited transaction absent an exemption?
A participant loan from a 401(k) plan to a participant is permitted because of a:
The U.S. Supreme Court's 2025 decision in Cunningham v. Cornell held that, for pleading a 406(a) prohibited-transaction claim, plaintiffs:
Question · Hard
A fiduciary receiving a referral payment from a fund company for steering plan assets into that fund would most likely violate:
Under Internal Revenue Code Section 4975, the initial excise tax on a disqualified person for a prohibited transaction is generally:
Which arrangement best illustrates that 'reasonable compensation' is judged in relation to:
A defined contribution plan such as a 401(k) is best described as one in which:
Plan Types Design
A defined benefit pension plan differs from a defined contribution plan because in a DB plan:
Which federal agency insures most private-sector defined benefit pension plans?
A 403(b) plan's 'universal availability' rule generally requires that:
403(b) plans are typically sponsored by:
A profit-sharing plan is characterized by:
A primary advantage of adopting a safe harbor 401(k) design is that it:
The 'basic' safe harbor matching formula is:
The safe harbor nonelective contribution requires the employer to contribute at least:
An 'enhanced' safe harbor match must be:
The maximum age and service eligibility conditions a 401(k) plan may impose for elective deferrals are generally:
A 'one year of service' for eligibility generally means a 12-month period in which the employee completes at least:
A Qualified Automatic Contribution Arrangement (QACA) safe harbor match must vest no later than:
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