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1.
In order to take an early distribution from a 403(b) plan due to severance from employment, how old (at the minimum) must you be in the year it is taken?
55. You must be at least 55 in the year that you take it.
2.
If you participate in a 403(b) plan and you also have an individual retirement account, you might not be able to deduct your IRA contributions from your taxable income.
True. The law limits how much you may deduct from your taxable income when you participate in an employer-sponsored retirement plan.
3.
There are exceptions to the 60-day rule for 403(b) plan rollovers.
True. If you can prove hardship to the IRS, you may be given longer than 60 days to complete a rollover in limited situations.
4.
Your employer may match the contributions you make to a Roth 403(b) plan.
True. Your employer may; however, the matches will be pre-tax.
5.
Who of the following would not be able to participate in a 403(b) plan?
A clerk at a highly profitable software firm. Only employees of non-profit companies may participate.
