Preview Questions Employee Benefits Lawyer | Role Specific Skill

Question 1: What is the "spousal consent" requirement under ERISA for retirement plan distributions?

Which action should you take?

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Spousal consent allows the participant to bypass plan restrictions and designate any beneficiary

Spousal consent is optional and applies only to defined benefit plans

ERISA requires that spouses consent to certain types of retirement plan distributions, such as lump-sum payments, to protect the spousal interest

Spousal consent is only required if the participant is over the age of 70 and receives a distribution

Question 2: How does the ACA's "individual mandate" influence employer health benefits, and what legal implications should an Employee Benefits Lawyer consider when advising clients?

Which action should you take?

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The individual mandate is optional for employers with fewer than 25 employees

The individual mandate requires individuals to have health insurance or face penalties, and the lawyer should advise clients on the potential risks of non-compliance

The individual mandate only applies to employers, not individuals

The individual mandate has been repealed, making it irrelevant for employers

Question 3: What is the "anti-cutback" rule under ERISA, and how does it affect plan participants?

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It prohibits reductions in the value of accrued benefits once they have vested

It requires employers to increase contributions for non-vested employees annually

It allows employers to reduce plan contributions to zero during certain economic downturns

It permits employers to suspend retirement benefits in case of early withdrawal

Question 4: Under the Affordable Care Act (ACA), what is the "employer mandate," and what are its requirements?

Which action should you take?

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It requires employers to offer insurance only to senior executives

It requires employers with 50 or more full-time employees to offer affordable health insurance or face penalties

It only applies to companies with fewer than 50 employees, requiring them to offer health benefits

It mandates that employers provide health insurance for all employees, regardless of full-time status

Question 5: How does the "out-of-pocket maximum" in a healthcare plan work under the ACA?

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It is the deductible amount an employee must pay before insurance starts covering costs

It is the maximum amount a policyholder has to pay for covered healthcare services in a year before the insurer pays 100% of the costs

It refers to the amount an employer contributes to the employee's premiums each year

It is the maximum amount an insurance company will pay for each procedure

Question 6: Under the Employee Retirement Income Security Act (ERISA), what is the primary purpose of the fiduciary duty?

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To ensure that plan assets are managed in the best interest of plan participants and beneficiaries

To allow plan administrators to select the best financial institutions without regard for fees

To ensure that plan participants are provided with tax benefits at all costs

To allow plan sponsors to invest plan assets freely without any restrictions