Practice Quiz

Paralegal Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
151. Which federal statute establishes standards for the funding and operation of pension plans?
  1. Taft-Hartley Act
  2. Employee Retirement Income Security Act
  3. Family and Medical Leave Act
  4. Occupational Health and Safety Act
  5. Norris-LaGuardia Act
See answer
152. Kyle was just hired by Kryton, Inc. Part of his benefit package included a pension plan to which Kryton contributed. Under the plan rules, Kyle would receive the full amount of Kryton's contributions after he worked for Kryton for 3 years. This concept is called:
  1. ERISA
  2. Vesting
  3. Employee benefits
  4. Defined contribution
  5. Service
See answer
153. Prior to the enactment of ERISA, what was a common vesting schedule under defined benefit pension plans?
  1. Three-year cliff vesting
  2. Six-year graded vesting
  3. No vesting until age 65
  4. Immediate vesting
  5. Vesting after 5 years of service
See answer
154. Lori and Leon are married. Lori participates in her company's pension plan and is 100% vested. Lori is 64 and plans to retire when she is 65. Upon retirement, she will receive $3,000 per month in benefits. What will happen to Lori's benefit payments upon her death?
  1. The benefit payments will cease.
  2. Leon will continue to receive benefit payments.
  3. Lori's children will receive her benefit payments.
  4. Leon will receive her benefit payments until his death. Then Leon's children will receive them and then his grandchildren.
  5. The beneficiary whom Lori designated will receive her benefit payments.
See answer
155. What governmental agency will step in if a pension plan does not have sufficient assets to pay benefits?
  1. Department of Retiree Benefits
  2. Department of Justice
  3. Department of Labor
  4. Pension Benefit Guaranty Corporation
  5. Internal Revenue Service
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode