Practice Quiz

Financial Planner

Category - Retirement Savings and Income Planning

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Marcus has 20 employees and wishes to start a qualified plan. Who can he exclude from plan participation?
  1. Employees who work full-time for the last year.
  2. Employees who work full-time for the past five years.
  3. Employees who work full-time for the past three years.
  4. Employees who are under the age of 21.
Explanation
Answer: D - Employers starting a qualified plan may exclude employees under the age of 21. Employers may also exclude employees who are covered by a collective bargaining agreement, non-resident aliens, part-time employees who have worked less than 1,000 hours per year, and employees who have worked less than on year.
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