PPC Professional Plan Consultant Mock Tests

Domain 1: ERISA and the Fiduciary Standard of CareThis domain covers the legal and regulatory foundation of the retirement plan industry.ERISA FundamentalsHistory and purpose of the Employee Retirement Income Security Act (ERISA)Definition of a "Plan Fiduciary" under ERISA Section 3(21) and 3(38)Distinguishing between Settlor functions and Fiduciary functionsFiduciary Duties and StandardsThe "Prudent Expert" Rule and Duty of LoyaltyExclusive Benefit Rule: Acting solely in the interest of plan participants and beneficiariesDuty to diversify plan investments to minimize the risk of large lossesDuty to follow plan documents (unless they violate ERISA)Prohibited Transactions and ExemptionsIdentifying parties-in-interestUnderstanding self-dealing and conflicts of interestCommon statutory and administrative exemptions (e.g., QPAM, PTE 2020-02)Domain 2: Plan Design and StrategyFocuses on tailoring retirement plans to meet the specific needs of the plan sponsor and employees.Types of Defined Contribution Plans401(k) and Profit Sharing PlansSafe Harbor 401(k) provisions and compliance benefits403(b) and 457 plans for non-profit and government entitiesContribution and Benefit StructuresMatching contribution formulas (Basic vs. Enhanced)Vesting schedules (Cliff vs. Graded) and their impact on retentionAutomatic enrollment and automatic escalation features<