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Deductibility Limits on Traditional IRA Contributions & IRA Contribution Limits from 2002 to 2012
Hardship Withdrawals and Accessing 401(k) Loans
401(k) Rules – Contribution Limits, Catch-Up Contribution Rules, Vesting Rules, 401k Eligibility Rules
Salary Deferral Contributions Made to 401(k) Retirement Account
Important Year End Statements for Individual Retirement Account (IRA) Holders
5 Things Every 401(k) Plan Should Have
The Roth 401(k) – How After-Tax Contributions Work, Comparisons with Roth IRA, Future Tax Rates, Contribution Limits & Frequently Asked Questions
What is a Traditional IRA? History of IRAs, Eligibility Requirements, Ineligible Compensation, Distributions from a Traditional IRA & How Income Tax Deductions Work
How to Invest in Real Estate using your Individual Retirement Account (IRA)
Rolling your 401(k) – Trustee to Trustee Direct Rollover, Modified Adjusted Gross Income (MAGI) Income Limits for Deductible Contributions to a Traditional IRA
401(k) Vesting – How It Works, Vesting Schedule, Number of Years of Service
401(k) Lump Sum Distributions – Tax Advantages, Rollover to IRA, Tax Deferred Contributions and more
401k Rollovers to an Individual Retirement Account (IRA) – Things to Consider Before You Rollover, Avoid Transfer Penalties, Move Employer Stock, etc.
401(k) Withdrawals – Early Withdrawal Penalties, Rollover Withdrawals, Exceptions and Tax Consequences
Understanding the Rules for Participating in a 401(k) Plan, Beneficiary Appointment, 401(k) Plans for High Paid Employees

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Quiz Trivia #1 for Understanding the Rules for Participating in a 401(k) Plan, Beneficiary Appointment, 401(k) Plans for High Paid Employees

(October 13th, 2009)

Quiz Trivia #1 for Understanding the Rules for Participating in a 401(k) Plan, Beneficiary Appointment, 401(k) Plans for High Paid EmployeesThis trivia will quiz you on the concepts explained in the article Understanding the Rules for Participating in a 401(k) Plan, Beneficiary Appointment, 401(k) Plans for High Paid Employees section. If there is any question you do not understand, it is advised to refer to that page for explanation. After selecting your answers, choose the "Grade Me!" button at the bottom to know your result & the right answers.

1) Unlike an Individual Retirement Account (IRA) where you can open your own IRA account, a 401(k) is only available through your employer.
a) True
b) False
2) By law, corporations are not required to offer 401(k) plans to their employees, but they do it as a sign of good gesture and also because:
a To obtain and retain skilled & talented employees
b) To encourage employees to save towards their own retirement and not rely on the company’s pension plan
c) To increase awareness of financial responsibility among their employees
d ) All of the above
3) Your employer is not required to let all employees participate in the 401(k) immediately; there may be a vesting period.
a) True
b) False
4) If your plan requires you to work for 1 year before becoming eligible for the 401(k) plan, the definition of 1 year means:
a) 6 months of continuous employment
b) 12 months of continuous employment
c) At least 1000 hours of work during the course of 12 months of employment
d) Both b and c
5) If you have to work 1000 hours in one year to become eligible for the small business owner 401(k) plan, you generally do not need to work another 1000 hours in the following years to remain in the plan.
a) True
b) False
6) The federal government prohibits any companies from offering employer 401(k) plans to any union employees that haven’t been agreed through a __________________
a) Union Contract
b) Collective Bargaining Agreement
c) Union employee hiring contract
d) None of the above
7) Most union managers prefer to get traditional _________________ plans as opposed to 401(k) plans because they guarantee a specified annuity upon retirement.
a) Defined contribution plans
b) Government 457 plans
c) Defined benefit pension plans
d) Roth 401(k) plans
8) Employees who live outside the US and are not US citizens are excluded from participating in 401(k) plans and they are known as:
a) Illegal employees
b) Non-resident employees
c) Foreign employees
d) Union workers
9) Temporary workers in an organization leased or put in place through an agency are not eligible to participate in that company’s 401(k) plans and usually are not offered the health & dental benefits that are offered to full time workers.
a) True
b) False
10) To be eligible to participate in a 401(k) plan, an employee must be over _____ years of age:
a) 18
b) 19
c) 21
d) 25

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