Question

In a money purchase pension plan, forfeitures revert to the plan. may be used to reduce...

In a money purchase pension plan, forfeitures

  1. revert to the plan.
  2. may be used to reduce future employer contributions.
  3. can be reallocated among the remaining plan participants.
  4. do not count against remaining participants' annual additions limits.

Question 21 options:

III and IV

I, II, and III

I and II

I, II, III and IV
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Answer #1

A money purchase pension plan is a kind of qualified defined contribution plan. Participant forfeiture occurs when an employee leaves service before being 100% vested in the plan. In such a case, the forfeiture reverts to the plan and it can be used to reduce future employer contributions to the plan, can be reallocated among the remaining participants and can be counted against participants' annual addition limits. Except for statement IV, the remaining three statements are correct. (Option B)

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