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GFOA Compensation and Benefits Practice Test
What are compensation structures,
What is fica federal insurance co...,
According to a gfoa best practice...
30
cards
BEST PRACTICES: Communicating Health-Care Benefits to Employees and Retirees
Governments should develop effective communication strategies that support their health-care benefit goals.
9
cards
BEST PRACTICES: Sustainable Pension Benefit Tiers
Jurisdictions considering new benefit tiers should examine the following issues: A governments authority to revise its pension benefits, the overall goals it wants to accomplish by doing so, and the effect of such changes on the workforce; and the financial impacts resulting from changes to pension plan design, as well as the effects on employees.
10
cards
BEST PRACTICES: Developing a Policy to Participate in Securities Litigation Class Actions
Every Public Pension Plan should develop and adopt a policy setting forth procedures for monitoring and participating in class action securities litigation.
18
cards
BEST PRACTICES: Developing a Policy for Retirement Plan Design Options
State and local governments should have a policy statement that will guide their on-going plan design decisions.
10
cards
BEST PRACTICES: OPEB Governance and Administration
Sponsoring governments should establish a clear, well-documented governance structure to guide governing bodies and plan administrators.
10
cards
BEST PRACTICES: Governance of Public Employee Postretirement Benefits Systems
A state or local government or other designated governing entity should establish rules of governance for its postretirement benefit systems that define the key elements necessary for trustees and other fiduciaries to fulfill their responsibilities, in accordance with fiduciary standards.
20
cards
BEST PRACTICES: Preparing an Effective Summary Plan Description
All state and local government pension plans should prepare an SPD that completely, accurately, and clearly describes the significant components of the pension plan for participants.
10
cards
BEST PRACTICES: Educating Employees about the Adequacy of Retirement Benefits
Government employers and plan administrators should educate employees about retirement income and include the following considerations when preparing the education program.
10
cards
BEST PRACTICES: Selecting Third-Party Investment Professionals for Pension Fund Assets
Governments should exercise appropriate due diligence in their selection of investment professionals.
10
cards
ADVISORIES: The Use of Early Retirement Incentives
State and local governments should not use ERIs for a variety of reasons.
6
cards
ADVISORIES: Deferred Retirement Option Plans
Government defined benefit plans should not include deferred retirement option programs for a variety of reasons.
10
cards
ADVISORIES: In-Kind Asset Transfer to Defined Benefit Pension Plans
GFOA does not recommend transferring ownership of government-owned infrastructure to a defined benefit plan.
7
cards
BEST PRACTICES: Asset Allocation for Defined Benefit Plans
State and local government retirement systems should establish, within their overall investment policy, an asset allocation plan.
8
cards
BEST PRACTICES: Core Elements of a Funding Policy for Governmental Pension and OPEB Plans
GFOA recommends that governments adopt a funding policy that provides reasonable assurance that the cost of those benefits will be funded in an equitable and sustainable manner.
10
cards
BEST PRACTICES: Design Elements of Defined Benefit Retirement Plans
Pension administrators and finance professionals should consider essential elements in their plan design if a public sector employer choose to provide a defined benefit plan.
9
cards
BEST PRACTICES: Enhancing Reliability of Actuarial Valuations for Pension Plans
Pension plan fiduciaries should take steps to obtain additional information that will enhance the reliability of their actuarial valuations.
9
cards
BEST PRACTICES: Hybrid Retirement Plan Design
Governments that choose to provide a hybrid retirement benefit plan should address key points related to plan design, funding policies, board governance, plan conversion, and participant education.
8
cards
BEST PRACTICES: Investment Fee Guidelines for External Management of Defined Benefit Plans
Defined benefit plans, especially those that use alternative investment strategies, should adopt an investment management fee policy that will allow them to negotiate competitive fees.
8
cards
BEST PRACTICES: Investment Policies for Defined Benefit Plans
Defined benefit plans should establish and adhere to a formal investment policy to regulate and monitor the system’s investment program. Such policy should be viewed as a long-term governing document.
10
cards
BEST PRACTICES: The Role of the Actuarial Valuation Report in Plan Funding
GFOA recommends that governments carefully review and understand their actuarial valuation report and use the information it contains to make policy decisions.
8
cards
BEST PRACTICES: Sustainable Funding Practices for Defined Benefit Pensions and Other Postemployment Benefits (OPEB)
Governments should ensure that the costs of DB pensions and OPEB are properly measured and reported. Governments that sponsor or participate in DB pension plans, or that offer OPEB, should contribute the full amount of their actuarially determined contribution (ADC) each year.
8
cards
ADVISORIES: Pension Obligation Bonds
State and local governments should not issue POBs.
5
cards
ADVISORIES: Responsible Management and Design Practices for Defined Benefit Pension Plans
Under no circumstance should state and local government plan sponsors engage in pension contribution holidays or make insufficient contributions.
10
cards
BEST PRACTICES: Asset Allocation for Defined Contribution Plans
Public employers as plan sponsors should work actively with the plan administrators to provide investment options and education to help employees who participate in defined contribution plans attain their income replacement goals in retirement.
7
cards
BEST PRACTICES: Defined Contribution Retirement Plan Design
Retirement administrators and finance professionals should include appropriate design elements should an employer choose to provide a defined contribution (DC) plan as the primary retirement vehicle.
10
cards
BEST PRACTICES: Hybrid Retirement Plan Design
Governments that choose to provide a hybrid retirement benefit plan should address key points related to plan design, funding policies, board governance, plan conversion, and participant education.
12
cards
BEST PRACTICES: Monitoring and Disclosure of Fees for Defined Contribution Plans
Plan sponsors should make sure that DC plan costs are reasonable and appropriate, compared with plans of similar size, structure, and service levels, and that they provide plan participants with meaningful and accessible information about fees and expenses.
10
cards
BEST PRACTICES: Participant Education Guidance for Defined Contribution Plans
Public plan sponsors should make sure high-quality investment education is provided to defined contribution plan participants who are allowed to direct their investments.
12
cards
BEST PRACTICES: Defined Contribution Plan Fiduciary Responsibility
Sponsoring entities should provide a clear and well-documented governance structure to guide plan administrators.
10
cards
ADVISORIES: Brokerage Window Options for Defined Contribution Plans
State and local governments should exercise extreme caution when considering whether to offer a brokerage window option in conjunction with a defined contribution retirement plan.
7
cards
BEST PRACTICES: Establishing and Administering an OPEB Trust
Governments should create a qualified trust fund to prefund OPEB obligations.
10
cards
BEST PRACTICES: OPEB Governance and Administration
Sponsoring governments should establish a clear, well-documented governance structure to guide governing bodies and plan administrators.
9
cards
BEST PRACTICES: Ensuring Other Postemployment Benefits (OPEB) Sustainability
Governments should ensure OPEB sustainability by evaluating key items specifically related to OPEB, including the structure of benefits offered, the associated benefit cost-drivers, and clear communication to stakeholders.
10
cards
BEST PRACTICES: Sustainable Funding Practices for Defined Benefit Pensions and Other Postemployment Benefits (OPEB)
Governments should ensure that the costs of DB pensions and OPEB are properly measured and reported. Governments that sponsor or participate in DB pension plans, or that offer OPEB, should contribute the full amount of their actuarially determined contribution (ADC) each year.
10
cards
BEST PRACTICES: Core Elements of a Funding Policy for Governmental Pension and OPEB Plans
GFOA recommends that governments adopt a funding policy that provides reasonable assurance that the cost of those benefits will be funded in an equitable and sustainable manner.
10
cards
ADVISORIES: Other Postemployment Benefits (OPEB) Bonds
State and local governments should not issue OPEB bonds for a variety of reasons.
7
cards
Conference of Consulting Actuaries Public Plans Community (CCA PPC) Actuarial Funding Policies and Practices for Public Pension Plans
The distinguishing feature of this approach is that it is begins with stated policy objectives and then develops specific policy guidance consistent with those objectives. One of the main results is that an effective funding policy often represents a balancing of policy objectives. Another is that adherence to the policy objectives may lead to a narrower range of acceptable practices than is sometimes found in current practice.
17
cards
IRS Fringe Benefits Guide
The Internal Revenue Service (IRS) created this publication to help government entities determine the correct tax treatment of employee fringe benefits, including using the appropriate withholding and reporting procedures.
20
cards
BEST PRACTICES: Complying with the Affordable Care Act
State and local government employers that sponsor group health plans should implement a process for reviewing federal health-care benefit requirements at least quarterly to ensure that they are aware of any newly issued or soon-to-be issued regulations.
10
cards
BEST PRACTICES: Strategic Health-Care Plan Design
Plan sponsors should consider developing and formally adopting a long-term, strategic plan that includes guiding principles and key objectives for managing health-care costs and improving participant wellness.
13
cards
BEST PRACTICES: Patient Protection and Affordable Care Act Compliance
State and local government employers that sponsor group health plans should implement a process for reviewing federal health-care benefit requirements at least quarterly to ensure that they are aware of any newly issued or soon-to-be issued regulations.
11
cards
BEST PRACTICES: Investment Policies for Tax-Deferred Retirement Savings Plans
Governing bodies of the tax deferred retirement savings plans should establish and adhere to a formal investment policy governing the selection and monitoring of investments made available by the plan.
12
cards
BEST PRACTICES: Investment Policies for Defined Benefit Plans
Defined benefit plans should establish and adhere to a formal investment policy to regulate and monitor the system’s investment program. Such policy should be viewed as a long-term governing document.
10
cards
BEST PRACTICES: Investment Fee Guidelines for External Management of Defined Benefit Plans
Defined benefit plans, especially those that use alternative investment strategies, should adopt an investment management fee policy that will allow them to negotiate competitive fees.
10
cards
BEST PRACTICES: Selecting Third-Party Investment Professionals for Pension Fund Assets
Governments should exercise appropriate due diligence in their selection of investment professionals.
10
cards
ADVISORIES: Commission Recapture Programs
A pension plan should first determine whether a commission recapture program will actually produce lower costs overall.
10
cards
BEST PRACTICES: Procuring Actuarial Services
State and local governments should take the appropriate steps to obtain high-quality actuarial services for their public retirement plans.
9
cards
BEST PRACTICES: Actuarial Audits
What is the purpose of an actuari...,
What does an actuarial audit provide,
How is a level one actuarial audi...
8
cards
BEST PRACTICES: Disclosures of Pension Funding Obligations in Official Statements
Issuers should implement appropriate procedures when determining the level of information that needs to be disclosed about their pension funding obligations relative to their financial position.
9
cards
GFOA Exam Prep LMS Training: Understanding Government Compensation and Payroll
What principle guides the content...,
What role does pension obligation...,
What does nabl stand for
50
cards
GFOA Exam Prep LMS Training: Understanding Pension Plans
What guarantees a retiree a fixed...,
How are defined contribution plan...,
Who typically governs a db plan
25
cards
GFOA Exam Prep LMS Training: Pension and Defined Contribution Plans Overview
What is the role of mortality ass...,
How are inflation projections use...,
What trend is observed in investm...
15
cards
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GFOA CPFO Compensation & Benefits Exam
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