About contributions into a defined benefit (DB) pension plan, which of the following statements is true?

		Only the employer can make contributions into the DB plan
		The employee group is responsible for the solvency of the DB plan
		Employer contributions into the DB plan are a tax-deductible business expense, if the contribution calculation in consistent with CRA guidelines
		If there is a shortfall in funding for the DB plan, employees don't need to worry because the government is required to step in and make up any difference between contributions and pension liabilities of the fund

Carlos Santa Ana earned a salary of $90,000 last year working as a music teacher for a local college. The defined benefit plan managed by the college allows Carlos a pension entitlement of 1.9% of his annual salary. What will be the pension adjustment for Carlos last year?

		$14,500
		$15,600
		$14,790
		$15,500

Which of the following statements about "deferred profit-sharing plans" (DPSP) are true?

		The annual maximum allowable contribution into a DPSP is one-half of the annual maximum RRSP contribution limit
		Employees can contribute to a DPSP
		If the company does not make a profit in any year, the plan member must make the required contribution personally
		There is no vesting period for a DPSP because the contributions are based on corporate profits

defined contribution plan

		Guarantees the amount of pension income that a retired employee will receive
		Defines the contribution amount the employee must pay
		Places all the investment management risk with the employer
		Is the most common plan option for big public sector employers

Which of the following types of financial products is not an asset that qualifies to be included in a company pension plan?

		Stocks
		Bonds
		RRSPs
		Real Estate

Which of the following statements about Individual Pension Plans (IPP's) is false?

		An IPP is a type of "defined contribution" pension plan
		An IPP is most suitable for a business owner or executive, aged 45 and older
		An IPP allows contributions greater than the yearly maximum RRSP contribution amount
		An IPP is a retirement benefit that is based on career average earnings

Lizzy Leflemme joined the CTV Television Network on July 1, 2018 and was immediately eligible to participate in the company's registered pension plan. The plan is contributory; it requires contributions from Lizzy and also from CTV on Lizzy's behalf. The plan details provide for 100% vesting after 18 months in the plan. Which of the following statements are false?

		If Lizzy terminated her employment after January 1, 2020, she would be entitled to both her total contributions (plus interest) and the total contributions from CTV (plus interest) to that date
		If Lizzy terminated her employment before January 1, 2020, she would be entitled to her total contributions (plus interest) but not any of the contributions from CTV to that date
		If Lizzy terminated her employment after July 1, 2019, she would be entitled to both her total contributions (plus interest) and the total contributions (plus interest) from CTV to that date
		If Lizzy terminated her employment after January 1, 2020 and moved to a new employer, she may be able to transfer any assets inside her CTV retirement account into either a personal retirement account or into a pension plan account with her new employer

Molly Moderna earned $120,000 last year working as a CA at Deloitte, where she is a member of the company "defined contribution" plan. Also last year, Molly's total contribution into her plan account was $12,000. These contributions earned income of $600 during the year inside the plan. In addition, Molly also owns an RRSP account. Assuming she has no unused RRSP contribution room to carry forward from prior years, how much can Molly contribute to her RRSP this year, if the current money purchase limit is $26,500?

		$9,000
		$9,600
		$8,400
		$21,000

Diana, a widow, joined her employer's defined contribution pension plan 25 years ago, and is now reaching age 65. Diana would like to use her current pension assets of $234,762 to purchase a life annuity with monthly payments beginning at the end of her first month of retirement. Assuming an annual nominal return of 6%, compounded monthly, and a life expectancy of 20 years, what monthly income will Diana receive from her current pension assets?

		$1,861.12
		$1,681.93
		$1,186.38
		$1,595.23