LO.1 Indicate whether the following statements apply to a pension plan (P), a pr

Question

LO.1 Indicate whether the following statements apply to a pension plan (P), a profit sharing plan (PS), both (B), or neither (N): a. Forfeited amounts can be used to reduce future contributions by the employer. b. Allocation of forfeitures may discriminate in favor of the prohibited group Chighly compensated employees). c. Forfeitures can revert to the employer. d. Forfeitures can be allocated to participants and increase plan benefits. e. An annual benefit of $60,000 could be payable on behalf of a participant. f. More favorable to employees who are older at the time the qualified plan is adopted.

Explanation / Answer

a Answer :- ( P) Pension Plan

b Answer :- Both (B)

C Answer :- Neither (N)

d Answer :- Profit sharing Plan (PS)

E Answer :- Neither (N)

F Answer :- pension plan (P)

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