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31. A plan pays mandatory lump sums less than or equal to $1,000. Elective lump sums are allowed in any amount in excess of $1,000. The plan terminated in a standard termination. Data for missing participant Smith, not in pay status, as of deemed distribution date: Lump sum based on plan provisions $5,600 Present value based on PBGC lump sum assumptions 5,900 Present value based on PBGC missing participant annuity assumptions 5,500 Values do not include any expense loads.In what range is the Designated Benefit for Smith?
32. Data for the only nine participants that have ever been in the plan: Stock Present value of DistributionsParticipant ownership 2012 accrued benefit asnumber percentage compensation 2011 2012 of 12/31/20121 50.0 $200,000 $0 $50,000 $200,0002 0.5 200,000 0 0 30,0003 3.0 160,000 0 0 80,0004 3.0 125,000 0 0 50,0005 6.0 100,000 0 0 60,0006 0 70,000 40,000 20,000 20,0007 0 50,000 0 40,000 40,0008 0 30,000 0 0 30,0009 0 0 0 0 100,000 Participant 9 terminated employment on 11/1/2011. All others were employed for the entire 2011 and 2012 plan years. Participants 1 and 5 are the only officers. The stock ownership percentages and officer statuses have never changed since the company’s inception. Present values of accrued benefits as of 12/31/2012 do not include the value of any distributions received. No distributions were ever paid from the plan prior to 2011.In what range is top-heavy ratio for 2013?
33. A plan provides a preretirement death benefit equal to the present value of the accrued benefit. Plan’s actuarial equivalence assumptions: Interest rate 7.5% Pre-commencement mortality table None Post-commencement mortality table Applicable mortality under IRC section 417(e) Early retirement benefit is based on plan actuarial equivalence. Selected data for participant Smith: Date of birth 12/31/1952 Date of hire 1/1/2005 Date of participation 1/1/2006 Date of retirement 12/31/2012 Compensation for each year $150,000 Form of benefit elected Life annuitySingle life annuity factors based on the applicable mortality table at selected retirement ages and interest rates: Age 5.0% 7.5%60 13.56 10.84 62 12.98 10.50In what range is Smith’s IRC section 415 limit as of 12/31/2012?
34. Information as of 1/1/2012: Standard Premium Funding Target $100,000,000Actuarial (market) value of assets before reflecting contributions receivable 76,000,000Funding standard carryover balance 2,000,000Prefunding balance 0Contributions paid during 2012:Date paid Amount For plan year3/31/2012 $800,000 20114/15/2012 1,000,000 20127/15/2012 1,000,000 20129/15/2012 4,500,000 201110/15/2012 1,000,000 2012Effective interest rates:Plan year 2011 6.25% Plan year 2012 5.50% The plan administrator has not made an election to use the Alternative Premium Funding Target.In what range is the PBGC Variable-rate premium for 2012?
35. Consider the following plans that are sponsored by four unrelated companies: Non-excludable employees Benefiting employees HCE NHCE NCE NHCEPlan I 5 100 1 40 Plan II 10 50 10 0 Plan III 5 95 5 35 Plan IV 50 100 0 40 How many of these plans satisfy the participation requirement of IRC section 401(a)(26)?
