Chapter 11 - ASPPA Code of Professional Conduct

Question 1 of 15

1

Advertising includes all forms of communication whether oral, written or electronic.

Select one of the following:

True
False

Explanation

Question 2 of 15

1

Professional services include providing advice, recommendations, or opinions related to a retirement plan.

Select one of the following:

True
False

Explanation

Question 3 of 15

1

An ASPPA Member may disclose to another ASPPA Member confidential information learned about a client whenever asked by another ASPPA Member.

Select one of the following:

True
False

Explanation

Question 4 of 15

1

The ASPPA Code of Professional Conduct shall override IRS Circular 230.

Select one of the following:

True
False

Explanation

Question 5 of 15

1

An ASPPA Member who has the education, training and experience to advise a client regarding the benefits of a cash balance plan versus a target benefit plan may do so.

Select one of the following:

True
False

Explanation

Question 6 of 15

1

An ASPPA Member who is found guilty of a felony shall be subject to ASPPA’s disciplinary procedures.

Select one of the following:

True
False

Explanation

Question 7 of 15

1

An ASPPA Member may provide professional services to a client who requests it even though the client is being served by another professional in the same manner.

Select one of the following:

True
False

Explanation

Question 8 of 15

1

If a request for information is received by an ASPPA Member from a person authorized by ASPPA to obtain information regarding a possible violation of the ASPPA Code of Professional Conduct the Member shall respond promptly in writing.

Select one of the following:

True
False

Explanation

Question 9 of 15

1

A credential is a membership designation conferred by ASPPA.

Select one of the following:

True
False

Explanation

Question 10 of 15

1

Confidential information may include information which the ASPPA Member has reason to believe that the client would not wish to be divulged.

Select one of the following:

True
False

Explanation

Question 11 of 15

1

All of the following statements are violations of ASPPA’s Code of Professional Conduct, EXCEPT:

Select one of the following:

A. Advertising that the Member is a CPC when the member has not received the designation from ASPPA.
B. Advertising that the Member’s firm employs only QKA’s to do administration on 401(k) plans when the firm has other individuals administering the plans without the designation.
C. Orally informing a potential client that the Member’s firm administers 1,500 401(k) plans when in reality it administers only 300.
D. On the Member firm’s website advertising that the firm is qualified to administer ESOP plans when the firm has never administered one.
E. Providing a potential client written material that indicates any potential income it may receive from investment products that are purchased by the plan.

Explanation

Question 12 of 15

1

All of the following statements are violations of ASPPA’s Code of Professional Conduct, EXCEPT:

Select one of the following:

A. After attending a client’s confidential board meeting, you inform a friend that the client will merge with another firm so the friend can sell the company stock.
B. Your client requests that you provide another service provider participant account balance details and you do so electronically based on the new service providers specifications.
C. You discuss your client’s salary information with a friend interested in working for the client.
D. The President of the company you administer a profit sharing plan for, notified you that the he would be informing the board next week that he is retiring and you repeat the information today to a shareholder.
E. The client has not paid your invoices so you tell the new administration firm that the client has a poor credit rating.

Explanation

Question 13 of 15

1

Which of the following statements regarding conflict of interest requirements under ASPPA’s Code of Professional Conduct is/are TRUE?
I. The Member shall fully disclose any actual conflict of interest to a client.
II. The Member’s ability to act fairly must be unimpaired.
III. The Client must expressly agree to the services that are provided by the Member.

Select one of the following:

A. I only
B. II only
C. I and III only
D. II and III only
E. I, II and III

Explanation

Question 14 of 15

1

All of the following statements regarding ASPPA’s Code of Professional Conduct are TRUE, EXCEPT:

Select one of the following:

A. An ASPPA Member shall render opinions or advice only when qualified to do so based on education, training or experience.
B. An ASPPA Member must adhere to the high standards of conduct, practice and qualification.
C. An ASPPA Member must abide by the ASPPA Code of Professional Conduct regardless of other laws.
D. An ASPPA Member shall take reasonable steps to ensure that services rendered under the Member’s supervision are performed with honesty, integrity, skill and care.
E. An ASPPA Member shall perform services with courtesy and shall cooperate with others in the client’s interest.

Explanation

Question 15 of 15

1

Which of the following statements is/are violations of ASPPA’s Code of Professional Conduct?
 Your client has informed you that they are having cash flow issues and are not going to deposit employee 401(k) contributions into their 401(k) plan for six months so that they can use the funds to help met their payroll obligations.
 There are 50 participants in their 401(k) plan.

I. You advise the client that this will result in a loan from the plan to the plan sponsor and is a prohibited transaction.
II. You advise the client that the employee contributions must be deposited to the plan within seven business days from when they would have been paid to the participants.
III. You listen to the client’s concern with empathy, discuss how difficult it is for a small business to comply with the additional expenses generated by the new health care laws and concur with their course of action to solve their cash flow issues.

Select one of the following:

A. I only
B. III only
C. I and II only
D. II and III only
E. I, II and III

	Created by Justin Guy (just over 8 years ago

Quiz on Chapter 11 - ASPPA Code of Professional Conduct, created by Justin Guy (just on 23/10/2015.

Chapter 11 - ASPPA Code of Professional Conduct

Question 1 of 15

Advertising includes all forms of communication whether oral, written or electronic.

Select one of the following:

Explanation

Question 2 of 15

Professional services include providing advice, recommendations, or opinions related to a retirement plan.

Select one of the following:

Explanation

Question 3 of 15

An ASPPA Member may disclose to another ASPPA Member confidential information learned about a client whenever asked by another ASPPA Member.

Select one of the following:

Explanation

Question 4 of 15

The ASPPA Code of Professional Conduct shall override IRS Circular 230.

Select one of the following:

Explanation

Question 5 of 15

An ASPPA Member who has the education, training and experience to advise a client regarding the benefits of a cash balance plan versus a target benefit plan may do so.

Select one of the following:

Explanation

Question 6 of 15

An ASPPA Member who is found guilty of a felony shall be subject to ASPPA’s disciplinary procedures.

Select one of the following:

Explanation

Question 7 of 15

An ASPPA Member may provide professional services to a client who requests it even though the client is being served by another professional in the same manner.

Select one of the following:

Explanation

Question 8 of 15

If a request for information is received by an ASPPA Member from a person authorized by ASPPA to obtain information regarding a possible violation of the ASPPA Code of Professional Conduct the Member shall respond promptly in writing.

Select one of the following:

Explanation

Question 9 of 15

A credential is a membership designation conferred by ASPPA.

Select one of the following:

Explanation

Question 10 of 15

Confidential information may include information which the ASPPA Member has reason to believe that the client would not wish to be divulged.

Select one of the following:

Explanation

Question 11 of 15

All of the following statements are violations of ASPPA’s Code of Professional Conduct, EXCEPT:

Select one of the following:

Explanation

Question 12 of 15

All of the following statements are violations of ASPPA’s Code of Professional Conduct, EXCEPT:

Select one of the following:

Explanation

Question 13 of 15

Select one of the following:

Explanation

Question 14 of 15

All of the following statements regarding ASPPA’s Code of Professional Conduct are TRUE, EXCEPT:

Select one of the following:

Explanation

Question 15 of 15

Select one of the following:

Explanation