Employee Benefits and Retirement Plans

Description: This quiz covers various aspects of employee benefits and retirement plans, including types of benefits, eligibility requirements, and tax implications.
Number of Questions: 15
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Tags: employee benefits retirement plans compensation and benefits
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Which of the following is NOT a common type of employee benefit?

  1. Health insurance

  2. Paid time off

  3. Stock options

  4. Severance pay


Correct Option: D
Explanation:

Severance pay is typically provided to employees who are laid off or terminated, and is not considered a regular employee benefit.

What is the maximum contribution limit for a traditional IRA in 2023?

  1. $6,500

  2. $7,500

  3. $8,500

  4. $9,500


Correct Option: A
Explanation:

The maximum contribution limit for a traditional IRA in 2023 is $6,500 for individuals under the age of 50, and $7,500 for individuals aged 50 or older.

Which of the following is a defined benefit retirement plan?

  1. 401(k) plan

  2. 403(b) plan

  3. Pension plan

  4. Profit-sharing plan


Correct Option: C
Explanation:

A pension plan is a defined benefit retirement plan, where the employer promises to pay a fixed amount of money to the employee upon retirement.

What is the maximum contribution limit for a 401(k) plan in 2023?

  1. $20,500

  2. $22,500

  3. $24,500

  4. $26,500


Correct Option: B
Explanation:

The maximum contribution limit for a 401(k) plan in 2023 is $22,500 for individuals under the age of 50, and $30,000 for individuals aged 50 or older.

Which of the following is NOT a type of health insurance plan?

  1. Health maintenance organization (HMO)

  2. Preferred provider organization (PPO)

  3. Point-of-service (POS) plan

  4. High-deductible health plan (HDHP)


Correct Option: D
Explanation:

A high-deductible health plan (HDHP) is a type of health savings account (HSA), and is not a type of health insurance plan.

What is the maximum contribution limit for a health savings account (HSA) in 2023?

  1. $3,650

  2. $4,650

  3. $5,650

  4. $6,650


Correct Option: A
Explanation:

The maximum contribution limit for a health savings account (HSA) in 2023 is $3,650 for individuals, and $7,300 for families.

Which of the following is NOT a type of retirement savings plan?

  1. 401(k) plan

  2. 403(b) plan

  3. Individual retirement account (IRA)

  4. Roth IRA


Correct Option: D
Explanation:

A Roth IRA is a type of individual retirement account (IRA), and is not a separate type of retirement savings plan.

What is the maximum contribution limit for a Roth IRA in 2023?

  1. $6,500

  2. $7,500

  3. $8,500

  4. $9,500


Correct Option: A
Explanation:

The maximum contribution limit for a Roth IRA in 2023 is $6,500 for individuals under the age of 50, and $7,500 for individuals aged 50 or older.

Which of the following is NOT a type of flexible spending account (FSA)?

  1. Health care FSA

  2. Dependent care FSA

  3. Transportation FSA

  4. Parking FSA


Correct Option: D
Explanation:

A parking FSA is not a type of flexible spending account (FSA).

What is the maximum contribution limit for a health care FSA in 2023?

  1. $2,850

  2. $3,050

  3. $3,250

  4. $3,450


Correct Option: B
Explanation:

The maximum contribution limit for a health care FSA in 2023 is $3,050.

Which of the following is NOT a type of employee stock ownership plan (ESOP)?

  1. Stock bonus plan

  2. Employee stock purchase plan (ESPP)

  3. Profit-sharing plan

  4. 401(k) plan


Correct Option: D
Explanation:

A 401(k) plan is not a type of employee stock ownership plan (ESOP).

What is the maximum contribution limit for an employee stock purchase plan (ESPP) in 2023?

  1. $25,000

  2. $30,000

  3. $35,000

  4. $40,000


Correct Option: B
Explanation:

The maximum contribution limit for an employee stock purchase plan (ESPP) in 2023 is $30,000.

Which of the following is NOT a type of non-qualified deferred compensation plan?

  1. Supplemental executive retirement plan (SERP)

  2. Rabbi trust

  3. 401(k) plan

  4. 403(b) plan


Correct Option: C
Explanation:

A 401(k) plan is not a type of non-qualified deferred compensation plan.

What is the maximum contribution limit for a supplemental executive retirement plan (SERP) in 2023?

  1. $250,000

  2. $300,000

  3. $350,000

  4. $400,000


Correct Option: B
Explanation:

The maximum contribution limit for a supplemental executive retirement plan (SERP) in 2023 is $300,000.

Which of the following is NOT a type of welfare benefit plan?

  1. Health insurance plan

  2. Dental insurance plan

  3. Vision insurance plan

  4. Pension plan


Correct Option: D
Explanation:

A pension plan is not a type of welfare benefit plan.

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