Retirement Plan Regulations Quiz

Test your knowledge of retirement plan regulations with these 17 questions covering contribution limits, penalties, and plan types.

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Which government agency oversees retirement plans in the United States?

IRS

SEC

FBI

FDA

What is the main purpose of ERISA (Employee Retirement Income Security Act)?

To regulate retirement plans offered by private employers

To oversee state retirement plans

To manage individual retirement accounts

To provide retirement benefits for federal employees

Which of the following retirement plans is specifically designed for employees of public education institutions and certain non-profit organizations?

401(k)

403(b)

457(b)

Traditional IRA

What is the penalty for excess contributions to a retirement account?

10% penalty on the excess amount

20% penalty on the excess amount

25% penalty on the excess amount

No penalty

What is the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement accounts?

59½

70½

What is the maximum annual contribution limit for a 401(k) plan in 2024?

$10,000

$19,500

$50,000

$100,000

Which of the following retirement plans allows for catch-up contributions for individuals aged 50 and older?

Traditional IRA

Roth IRA

SEP IRA

401(k)

At what age can individuals begin to make penalty-free withdrawals from their retirement accounts?

59½

Which of the following retirement plans allows for tax-free withdrawals of contributions and earnings if certain conditions are met?

Traditional IRA

Roth IRA

SEP IRA

403(b)

#10

What is the maximum annual contribution limit for an IRA (Individual Retirement Account) in 2024?

$5,000

$6,000

$7,000

$8,000

#11

Which of the following retirement plans is NOT subject to required minimum distributions (RMDs) during the account holder's lifetime?

Traditional IRA

Roth IRA

401(k)

Rollover IRA

#12

What is the penalty for early withdrawal from a traditional IRA before the age of 59½?

10%

20%

30%

40%

#13

Which of the following retirement plans is designed specifically for self-employed individuals or small business owners?

401(k)

403(b)

SEP IRA

SIMPLE IRA

#14

What is the primary advantage of a Roth IRA over a traditional IRA?

Tax-deductible contributions

Tax-free withdrawals in retirement

Higher contribution limits

Employer matching contributions

#15

What is the penalty for failing to take required minimum distributions (RMDs) from a retirement account?

10% of the required distribution amount

25% of the required distribution amount

50% of the required distribution amount

100% of the required distribution amount

#16

What is the penalty for failing to roll over a distribution from a retirement plan into another eligible retirement plan within 60 days?

10% penalty

20% penalty

25% penalty

No penalty

#17

Under what circumstance can an individual make penalty-free withdrawals from a retirement account before age 59½?

Medical expenses exceeding 7.5% of adjusted gross income

Purchase of a first home

Qualified higher education expenses

All of the above

Retirement Plan Regulations Quiz

Which government agency oversees retirement plans in the United States?

What is the main purpose of ERISA (Employee Retirement Income Security Act)?

Which of the following retirement plans is specifically designed for employees of public education institutions and certain non-profit organizations?

What is the penalty for excess contributions to a retirement account?

What is the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement accounts?

What is the maximum annual contribution limit for a 401(k) plan in 2024?

Which of the following retirement plans allows for catch-up contributions for individuals aged 50 and older?

At what age can individuals begin to make penalty-free withdrawals from their retirement accounts?

Which of the following retirement plans allows for tax-free withdrawals of contributions and earnings if certain conditions are met?

What is the maximum annual contribution limit for an IRA (Individual Retirement Account) in 2024?

Which of the following retirement plans is NOT subject to required minimum distributions (RMDs) during the account holder's lifetime?

What is the penalty for early withdrawal from a traditional IRA before the age of 59½?

Which of the following retirement plans is designed specifically for self-employed individuals or small business owners?

What is the primary advantage of a Roth IRA over a traditional IRA?

What is the penalty for failing to take required minimum distributions (RMDs) from a retirement account?

What is the penalty for failing to roll over a distribution from a retirement plan into another eligible retirement plan within 60 days?

Under what circumstance can an individual make penalty-free withdrawals from a retirement account before age 59½?

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