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21. Consider the following statement: Upon the plan administrator’s request, an enrolled actuary must provide supplemental advice or explanation relative to an actuarial report certified by the enrolled actuary.Is the above statement true or false?
22. A plan provides a pre-retirement death benefit equal to the minimum qualified pre-retirement survivor annuity under IRC section 417 plus a $10,000 immediate lump sum. These benefits are provided at no charge to the participants. Consider the following statement with regard to the PBGC Premium Funding Target: The full value of the pre-retirement death benefit is included in the Premium Funding Target for each participant who has completed the plan's vesting requirements on the Unfunded Vested Benefit valuation date. Is the above statement true or false?
23. Plan effective date: 1/1/1990 Consider the following statement: The plan administrator must provide each participant with a copy of the summary plan description no later than 90 days after an employee becomes a participant in the plan. Is the above statement true or false?
24. Normal retirement age: 62Plan assumptions: Interest 4.0% Mortality 1994 GARDeath benefit prior to retirement is the present value of accrued benefits. Benefit at late retirement is the greater of continued accruals and an actuarial increase. Selected data for Smith: Date of birth 12/31/1942 Date of hire 1/1/2000 Date of participation 1/1/2006 Date of retirement 12/31/2012 Compensation for each year of service $225,000Selected commutation functions:5% and applicable mortalityx N(12)x D x N(12)X Dx62 598,284 46,091 1,466,321 82,76965 470,592 38,961 1,232,637 72,90070 301,642 28,773 904,410 58,535In what range is Smith’s annual IRC section 415 limit as of 12/31/2012?
25. Employer A is a contributing employer to a multiemployer plan. Method for calculating withdrawal liability: Rolling-5 with mandatory de minimis rule.Employer A completely withdraws from the plan on 12/31/2011. Total Total 12/31 Total contributions Total unfunded contributions withdrawn contributions vested benefits OutstandingYear all employers employers Employer A (all employers) claims*2005 $19,600,000 $500,000 $760,000 $0 $0 2006 23,400,000 450,000 650,000 0 0 2007 25,300,000 350,000 870,000 0 0 2008 28,900,000 625,000 905,000 60,200,000 0 2009 29,100,000 800,000 805,000 70,900,000 1,200,000 2010 25,200,000 1,225,000 725,000 75,200,000 2,500,000 2011 27,800,000 1,500,000 225,000 78,000,000 2,750,000 * For withdrawal liability that can reasonably be expected to be collected with respect to employers who withdrew before the end of the plan year. In what range is the withdrawal liability for Employer A?
