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1.
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.
2.
What is the annual income limit for contributing to a Roth 403(b)?
There is none. There is no income limit at all.
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.
In the language of 403(b) plans, a MAC is _______.
The amount of money you are allowed to put into a 403(b) plan tax-free. Although the IRS provides formulas, the MAC, or "maximum amount contributable," is the amount itself.
5.
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.
