Question 10 (1 point)

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Lyle joined the Port Dilly pension plan when he was first eligible on March 1, 2005. The plan was a defined benefit program that required employee contributions of $100 per month and included a two-year vesting provision. When Lyle terminated his employment on December 31, 2006, his participation in the pension plan also terminated. Upon Lyle's termination from the plan, what is his full financial entitlement under the plan?

Question 10 options:

	Lyle has no financial entitlement and will not receive any money or benefits upon termination.
	Lyle is entitled to a return of his $2,200 of contributions plus a prorated portion of the employer's contributions plus interest.
	Lyle is entitled to a return of his $2,200 of contributions plus interest.
	Lyle is entitled to the full pension benefit that accrued under the plan based on his and his employer's contributions.

Question 11 (1 point)

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Which of the following characteristics are associated with a defined contribution pension plan? 1. There is no limit on the amount of pension benefit a plan member can earn. 2. The employer's contributions into the plan are easily calculated based on a prescribed formula. 3. The employer's costs associated with the pension plan fluctuate with investment performance of the plan's assets. 4. Administration of the plan tends to be quite complex and requires regular actuarial reviews.

Question 11 options:

	1 and 2
	1 and 4
	2 and 3
	3 and 4

Question 12 (1 point)

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Ina, a single lady, joined Mastertech Inc.'s defined contribution pension plan on January 1, 1976. On December 31, 2006, Ina plans to retire and expects that her pension accumulation will be valued at $243,750. If Ina uses the assets to purchase a single life annuity that begins immediately with payments at the beginning of each month, what monthly income will the pension assets purchase? Assume an annual nominal return of 6%, compounded monthly, and a life expectancy of 30 years.

Question 12 options:

	$1,314
	$1,374
	$1,395
	$1,454

Question 13 (1 point)

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Millie belongs to a defined benefit pension plan in which she accrues a $750 flat benefit for each year of service. Millie's annual earnings for each of the past three years are $47,000, $48,000 and $49,000. If Millie has 30 years of service, calculate her annual pension benefit accrued to date?

Question 13 options:

	$750
	$22,500
	$24,200
	$28,500

Question 14 (1 point)

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What is the role of the Canadian Association of Pension Supervisory Authorities?

Question 14 options:

	To administer pension plans that fall within the jurisdiction of the federal Pension Benefits Standards Act
	To promote the harmonization of regulatory requirements for pension plans
	To regulate and administer all pension plans that fall within Canadian jurisdiction
	To regulate the operation of the pension plans that fall under the respective provincial Pension Benefits Acts

Question 15 (1 point)

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When a pension jurisdiction requires that the pension benefit incorporate a "joint and survivor" form of pension, which of the following statements is/are true?

1. The intention is to have the actual pension benefit amount based on the combined life expectancies of the member and the member's spouse. 2. In most jurisdictions, the only action required for a plan member to opt out of this provision is to personally sign a pre-printed form in which he personally declines the provision. 3. A pension that incorporates a joint and survivor form of pension will provide a member with a higher benefit amount than when the pension is based on the member's life only (assuming all other features and guarantees are the same). 4. If a member pre-deceases his spouse and his pension incorporates a joint and survivor form of benefit, a predetermined percentage of the member's pension will continue to be paid to the surviving spouse for her remaining lifetime. 5. By electing a joint and survivor form of pension, the plan member is able to income split with his spouse by sharing his monthly pension income during the member's lifetime.

Question 15 options:

	1 and 2
	1 and 4
	2 and 3
	3 and 4