QUESTION 1 Typical defined benefit plans require contributions by both employer and employee True False QUESTION 2 defined contribution retirement plan are limited to the maximum amount that can be deducted from income for tax purposes. No es contributions are slowed Contributions to True False QUESTION 3 What term describes the portion of contributions investments in a tax-deferred retirement plan that are owned by the employee? Underfunded Enrolled Distrubuted Vested QUESTION 4 New Jersey state pension plans are currently Overfunded 100% funded Underfunded QUESTION 5 Which party is responsible for losses from investments in a defined benefit plan? Employer only Employee only Both employer and employee Federal government QUESTION 6 Which type of investment is predominantly used in defined contribution retirement plans? Individual stocks Individual bonds Mutual funds Real Estate QUESTION 7 Who decides on the amount of distributions from defined contribution retirement plans? Employee Employer Internal Revenue Service Pre-determined formula set by the employer QUESTION 8 Which type of retirement plan benefit payment directly accounts for infation? Defined Benefit Defined Contribution QUESTION 9 Defined contribution benefit payments end when the employee is deceased the account balance is zero the spouse is deceased never QUESTION 10 What are the 3 stages of retirement plans? Contributions, Investments. Distributions Planning. Contributions, Investments Enrollment. Contributions, Distributions Investments, Vested. Distributions