• Series 6, 7 or 65 license issued by the NASD and two letters of reference demonstrating at least two years of retirement plan related experience; or
• State-life or annuity insurance license and two letters of reference demonstrating at least two years of retirement plan related experience; or
• Investment Advisor Representative or Registered Investment Advisor credential and two letters of reference demonstrating at least two years of retirement plan related experience; or
• Two letters of reference demonstrating at least three years of investment-related experience in connection with retirement plans.

What topics will be covered?
The QPFC curriculum includes qualified plan design techniques; marketplace and industry trends; investment products, pricing models and fee disclosure; distribution planning, rollovers and fiduciary issues and responsibilities.

How many exams are required and how are the exams administered?
The QPFC program includes four exams: RPF-1, RPF-2, PFC-1, PFC-2. The two Retirement Plan Fundamentals (RPF) exams are non-proctored, open book exams that are available online. The two advanced level exams, "Plan Financial Consulting (PFC-1 and PFC-2)", are proctored and delivered through Prometric Testing Centers across the United States. Textbooks and study guides are available from ASPPA's online bookstore at http://store.asppa.org.

When will the QPFC exams be offered?
The Retirement Plan Fundamentals (RPF) exams are available throughout the year as web-based exams. The RPF exams are revised yearly. The two advanced level exams, PFC-1 and PFC-2, will be available during two exam windows in Spring and Fall each year. Visit the Education Calendar for exam dates and deadlines and for fees click here.

What is the format of the QPFC exams?
The two RPF exams are non-proctored, self-paced multiple-choice style tests with 75 questions each. Candidates will need 68 out of 75 correct to pass each exam. The two advanced level proctored exams contain 65 multiple-choice questions each. Candidates are allotted 2.5 hours to complete each proctored exam.

What if I already have credentials from ASPPA?
ASPPA members with the credentials, FSPA, MSPA, CPC, QPFC, QPA or QKA, please the Exam Waivers page

How long will it take to earn my QPFC credential?
Most candidates will earn the credential within one to two years.

What is the cost for taking the exams?
Exam registration fees range from $160-$285 each depending on the exam and ASPPA membership status. Total cost is approximately $1,500 - $2,000 including study materials, exam registration fees and 1st year ASPPA membership dues. Optional webcourse fees are not included in this estimate. A separate Membership application is required to become an ASPPA credentialed member and to obtain the QPFC credential.

Who should trainers contact about QPFC?
Contact Kim L. Szatkowski, CPC, QPA, QKA, ASPPA Chief of Pension Education at kszatkowski@asppa.org .

How do I get started?
Visit our main QPFC page to view step-by-step instructions for registering for exams and purchasing study materials.

ERPA Designation and 2009 E&E Program Changes Answers

What is ERPA and why is it important to ASPPA?
The Enrolled Retirement Plan Agent (ERPA) is an IRS sanctioned designation that allows enrolled practitioners to practice before the IRS for purposes of addressing certain qualified plan matters. This includes determination letters, extensions of Form 5500, plan audits, and negotiating on behalf of clients regarding voluntary compliance matters.

Attaining this designation involves two extensive proctored examinations: Parts I and II. Continuing education will be required, and there is no grandfathering of any existing retirement plan credential towards this designation. Both exams are expected to first be offered in the Spring of 2009.

The IRS will outsource administration and delivery of these exams and will soon issue a Request for Proposal (RFP) for any organizations desiring to bid. ASPPA has joined with NIPA in creating the American Institute for Retirement Education (AIRE), which, along with Prometric, will submit an RFP response and is hopeful of being awarded this contract.

A credentialing survey was performed in 2006 to gauge potential interest in ERPA. Results indicated strong interest, particularly during the first several years of its offering. Therefore, it is expected to have a fairly significant impact on the industry as well as ASPPA's credentialed programs. The importance to ASPPA is twofold:

Administering the ERPA exams through AIRE provides additional credibility to ASPPA in delivering an IRS sanctioned designation and exams.

The ERPA program represents an opportunity to offer individuals with the ERPA designation (ERPAs) the benefits of being part of the ASPPA community.

Whether AIRE receives the ERPA contract or not, successfully integrating ERPAs into ASPPA is critical to our long term goals. This requires, however, rethinking and retooling of existing credentials and courses to integrate and capitalize on this new designation.

How will ERPAs be integrated into ASPPA?
To encourage ERPAs who are non-ASPPA members to join and participate in ASPPA, it is important to grant them an equivalent ASPPA designation, but only upon membership with ASPPA. A new designation could have been created, but in reviewing the expected course content and learning objectives of ERPA, it was recognized that they closely resemble the current requirements for a QPA. Thus, the QPA designation will be granted to those members who have attained the ERPA designation. This means a non-credentialed member (or QKA) who completes the ERPA requirements before completing ASPPA's credentialing requirements to otherwise become a QPA, would be granted the designation of QPA. As well, this means a nonmember who completes the ERPA requirements will be able to join ASPPA as a credentialed member by being granted the QPA designation upon approval of his or her membership application.

This immediately provides an ASPPA designation to ERPAs and encourages any non-members to join and participate in ASPPA, while addressing the needs of existing members who seek a QPA credential but also desire (or are required by their employers) to complete the ERPA requirements.

Keep in mind that the ERPA exam requirements are of the same difficulty level as existing ASPPA QPA exams, so it isn't likely that someone who does not first attain the required knowledge level will be able to pass the ERPA exams.

Can an individual who has an ASPPA designation (QKA, QPFC, QPA and/or CPC) currently represent a client before the IRS?
No, they can not. Currently only an enrolled agent, enrolled actuary, attorney or accountant can represent a client before the IRS. Shortly this list will include the new Enrolled Retirement Plan Agent (ERPA).

Can an individual who has an ASPPA designation (QKA, QPFC, QPA and/or CPC) receive information from the IRS?
Yes, currently anyone may receive information from the IRS if a completed Form 8821 has been submitted to the IRS. The ERPA designation will not change this. These individuals just can not represent their client before the IRS.

Who controls the ERPA designation program?
The IRS controls this program and determines the topics to be tested. They will be inviting other organizations, through a request for proposal (RFP) process, to join with them to write and administer the program.

Who will provide the educational materials necessary to pass the ERPA exams?
Any organization can provide the educational material. However, ASPPA and NIPA currently have courses available that would assist with learning the material that will be necessary to pass the ERPA exams and if AIRE is awarded the contract, it is anticipated AIRE would be offering new ERPA educational materials.

What if I currently work on the educational programs for ASPPA or NIPA, will I be prohibited from taking the ERPA exams?
Not as long as you don't work on the ERPA programs for AIRE, if AIRE is awarded the contract.

When was the first ERPA exams be administered?
The first exams were administered in the spring of 2009.

How many ERPA exams will there be?
There are two separate proctored exams parts (ERPA-SEE part 1 and ERPA-SEE part 2) that a candidate must pass to obtain the ERPA designation.

Will the ERPA exams have to be taken in a specific order?
No, the ERPA exams can be taken in any order.

What will be the cost of the ERPA exams?
Each exam part costs $241.

Does a candidate need to be an enrolled agent to sit for the ERPA exams?
No, they do not.

Will the IRS grandfather an ERPA designation for any individual with a QKA, QPA, CPC, APA, Enrolled Agent or other program designations?
No, the IRS has stated that they will not grandfather any designations, whether from a private retirement organization or governmental.

Will IRS require continuing education for those who obtain an ERPA designation?
Yes, the IRS will requires 72 hours of continuing education for a three year cycle.

Will continuing education programs of other organizations go towards the IRS continuing education requirements for ERPAs?
Yes.

Impact of ERPA Designation on QPA Credential Answers

Will there be any changes for individuals who currently have a QPA designation?
No, their designation will remain active and no changes will impact them. However, a QPA who decides to work towards their CPC designation will receive credit for topics that they have mastered that an ERPA has not.

Will QPA designation requirements change in 2009?
No, they will not change in the short term. The exam requirements for QPA will remain the same: RPF1 & 2, DC1, 2, and 3, and DB, unless the QPA is granted for passing the two ERPA exams.

However, it is important to note that, although similar, the educational requirements for existing QPAs and new ERPAs are NOT entirely identical. There are some topics where existing QPAs have been subject to more comprehensive educational requirements. As well, there are some other topics covered in ERPA not covered in the existing QPA program. In particular, it is critical to respect and recognize the additional educational achievements of existing QPAs. We will be recognizing this in conjunction with the changes to the CPC program.

What if AIRE is not awarded the ERPA contract. Will ASPPA still award an ERPA the ASPPA QPA?
Yes, if the ERPA wants to be a member of ASPPA, and has met the working experience for a QPA, they will be awarded the QPA credential.

Does the ERPA need to have passed the QKA designation to obtain the QPA?
No. Although it is recommended that to properly prepare for the ERPA examinations one needs to first master the material in the QKA series of courses, individuals will not be required to obtain the QKA designation from ASPPA before the QPA is granted if you are an ERPA.

If I pass the ERPA exam and become an ERPA will I also be given ASPPA’s QPA credential?
Once you are granted enrollment as an ERPA by the IRS, you can then submit an application for status as an ASPPA QPA credentialed member. As with all ASPPA credential membership applications, the ASPPA Board will review and upon approval you will be granted credentialed member status and will be awarded the QPA credential. You will need to meet all requirements as a credentialed ASPPA member moving forward, however, as long as you maintain your enrollment as an ERPA, the CE requirements for QPA are deemed to be satisfied.

If I want to pursue an ERPA designation should I also pursue a QPA?
If your job requires you to practice before the IRS, or you feel you may need to in the future you should pursue an ERPA designation. To obtain this designation, ASPPA recommends the QKA and QPA educational materials would greatly assist a candidate for preparing for the ERPA designation.

Will the ERPA designation require defined benefit plan knowledge?
Yes.

What are the differences between the ERPA designation and existing QPA destination topics?
The main difference is that, because the ERPA designation is an IRS program, the ERPA designation will not require any knowledge of Title I of ERISA. These areas are the responsibility of the Department of Labor.

2009 CPC Program Changes Answers

Will there be any changes for individuals who currently have a CPC designation?
No there will not be any changes.

Will the CPC program change in 2009?
Yes. Not only is it crucial to recognize the additional educational achievements existing QPAs have met beyond the scope of ERPAs, it also presents an opportunity to refresh the CPC program. Our goal is to not only encourage pursuit of ASPPA's CPC designation, but to maintain the integrity of this designation while raising industry awareness of its intrinsic value.

The topics that distinguish a CPC from a new QPA will be identified and separated into advanced educational modules. Each module will consist of self-study materials, an optional webcourse, and a required on-line examination that enables candidates to demonstrate mastery of the subject. Existing QPAs (i.e., individuals who completed the QPA prior to these changes to the program) will be awarded credit for certain educational modules that they have already been tested on in the existing QPA program.

The revised CPC program will identify these advanced educational modules as 'core' vs. 'non-core' i.e. elective. Candidates will be required to take all core modules and a certain number of non-core electives. Candidates will also be required to pass a single, comprehensive proctored CPC exam. Thus, existing QPAs will already have received partial credit towards their CPC designation.

Modularizing the topics that distinguish a CPC from a QPA enables us to appropriately recognize existing QPA knowledge, as well as refresh the CPC program. The revised program provides the following benefits:

Candidates can more easily and accurately demonstrate their knowledge and ability to research more complex topics, such as controlled group situations, in the on-line examination format.

We can more efficiently offer a single comprehensive exam twice a year in a proctored environment, while still being able to measure competence in the most critical skill areas.

This approach provides greater flexibility for future content changes without changing the actual structure of the program, thus avoiding future structural changes and transitional issues.

Educational modules can be used outside of the CPC program, thereby offering topical educational resources for others not necessarily pursuing a designation or just looking to refresh or enhance their own knowledge.

When will the CPC changes take effect?
Advanced educational modules will be available beginning in 2009, with the first 'single' CPC proctored exam offered in the fall of 2009.

There will be no changes for 2008: C-3 will be offered in the Spring and C-4 will be offered in the Fall the same as in 2007. Candidates are still required to pass both exams to become a CPC.

What if I've passed one of the CPC exams but not both?
If you have passed one of these exams (C-3 or C-4) prior to 2009 but not both, you will receive advanced educational module credit for any topics that you've demonstrated competency on in the proctored exam you've passed. You will need to sit for the single CPC exam even if some of the proctored topics overlap. You will, of course, still have the opportunity to take the other exam in 2008 under the existing program.

More specific information regarding credits granted for the 2009 CPC Program is available on the CPC page.

Will the content in the CPC program change?
No, the content will not change, just the method in how it is presented and tested. The revamping of the CPC program began with a job analysis to determine exactly what knowledge is required – and we’ve determined the credential needs to be tested in different and more relevant ways. Rather than having two proctored essay exams (C-3 & C-4), the CPC designation starting in 2009 will be obtained by passing specific core and elective online modules, along with a single comprehensive CPC essay examination.

Have the modules been determined?
Yes. Please visit the 2009 CPC Program Changes webpage for a listing of the modules and other pertinent information for CPC candidates.

Will the non-core modules have a set time limit on each module exam?
This is being considered. It is anticipated that the exams for the non-core modules will be administered on line rather than in a proctored environment.

What will be the time length for the comprehensive core exam?
The new CPC exam will be 4 1/2 hours in length and will be administered in a proctored environment.

What will the difficulty level of the comprehensive exam be compared to the two C-3 and C-4 courses?
The concept is that the new comprehensive proctored exam will focus on those topics that a CPC practicing in the workplace with a client should know off the top of their head. The non-core modules are those that they would research. The breadth of information should still be the same, but the testing environment will be more similar to how a CPC would actually work.

When will the changes to the CPC exams and study materials be effective?
These changes will be effective in the 2009 calendar year.

What study materials can I use to begin preparing for the 2009 CPC examinations?
Since most of the changes to the CPC program will focus on examination format and delivery, the 2008 CPC topics will remain relatively unchanged in 2009. Until updated study materials are released for purchase in early 2009, the 2008 C-3 and C-4 reading material can be used as study tools in the interim.

If I have passed C-3 but not C-4 (or visa versa) by 2009 will I be given credit?
Yes. A candidate with a QPA achieved through the current ASPPA program who has passed C-3 only (not C-4) will receive credit for the DOL Topics, Defined Benefit Topics, Investments, Distributions & Loans, and Fiduciary Topics modules. These candidates will need to complete the Related Groups & Business Transactions module, two of the three elective modules and the proctored CPC exam. For additional information please refer to the Transition Rules. 

What is the last year the current C-3 and C-4 exams will be administered?
The C-3 exam was offered for the final time in the Spring of 2008 testing window, the C-4 exam will be offered for the final time in the Fall of 2008 testing window. Intensive Review Sessions for C-4 will be held at ASPPA’s annual conference in October.

Will the C-3 exam be offered in the fall of 2008 and the C-4 exam offered again in the spring of 2009?
ASPPA considered this and reviewed member feedback and determined that offering the C-3 again in the Fall 2008 and the C-4 in the Spring 2009 would not be of benefit to our members. We believe this new program will be relevant to what our CPCs currently do in the workplace therefore we are very excited to offer this new program in 2009.

Will the cost change for a CPC candidate?
ASPPA is very sensitive to this and will work to keep the cost similar to that of the 2008 program.

Can the modules be used as general education credit even if not sitting for exam designations?
Yes they can. The modules are going to provide the retirement industry additional opportunity to train staff on specific topics without having to go through the series of courses to obtain a designation. Individuals wanting to improve their knowledge in a specific area can sign up for that particular module.

Additional Answers on ERPA impact on ASPPA Credentials

Will ASPPA's QKA, QPFC, or FSPA designations change?
There are no changes.

What will be the requirements to obtain other ASPPA credentials if I obtain the ERPA designation and I am awarded a QPA credential?
If a candidate attains an ERPA designation, they will be awarded a QPA credential upon acceptance of an ASPPA membership. This will have no effect, however, on other designations offered by ASPPA. If you would like to pursue another ASPPA credential you will be required to complete the examination requirements. For example, after attaining an ERPA and QPA, and you wish to obtain ASPPA's QKA credential you will still be expected to meet all examination requirements for the credential (RPF-1, RPF-2, DC-1 and DC-2).

What if I have additional questions?
It's important to understand that until the ERPA designation is finalized (and the contract awarded) and the new CPC program has been developed, there will remain a number of uncertainties and unknowns. But it was important to convey the information we do have in a timely manner. As updates are available, all new information will be posted to this website, so be sure to check back periodically.

For more information on the ERPA program, please visit www.erpaexam.org

Questions?

General Education questions - contact education@asppa.org

ERPA Program questions - contact customerservice@erpaexam.org