C-3 Examination Information

Financial and Fiduciary Aspects of Qualified Plans

> C-3 Syllabus [PDF]
> C-3 Course Overview
> 2009 Education and Examination (E&E) Program Changes (ERPA Designation Impact)
> Subject Matter
> Exam Requirements & Procedures
> Exam Registration & Fees
> Required & Recommended Reading
> Study Guide References & Errata
> Deadlines & Fees
> Grading Process
> Register online

Related Links : Register for Exams : Candidate Corner : Study Guide References print page

Course Overview

Like its C-4 companion examination in the Certified Pension Consultant series, the C-3 examination is structured to test the candidate’s ability to apply knowledge of the specified C-3 topics in realistic consulting situations. Through a focus on the issues surrounding plan investments, the complexities involved in the taxation and timing of distribution of benefits, and the myriad responsibilities invested in fiduciary status, C-3 builds upon an awareness of retirement plan fundamentals to establish a practical background for the pension consultant in the financial and fiduciary aspects of retirement plans. The advanced consulting topics comprising the C-3 course include qualified plan distribution requirements, taxation of distributions, participant loans, investment of retirement plan assets including types of investments, prohibited transactions, unrelated business taxable income, fiduciary responsibility and plan trust issues.

Additionally, because ASPPA members are required to comply with ASPPA’s Code of Professional Conduct, the topic of ethical performance in one’s professional capacity forms part of the C-3 course of study.

2009 Education and Examination (E&E) Program Changes (ERPA Designation Impact)

Please refer to the 2009 Education and Examination (E&E) Program Changes webpage for information on the new and exciting enhancements to ASPPA’s educational programs.

Subject Matter

Advanced pension consulting topics, including:

• Qualified plan distribution requirements
• Taxation of distributions
• Participant loans
• Investment of retirement plan assets, including types of investments
• Prohibited transactions and unrelated business taxable income
• Fiduciary responsibilities
• Plan trust issues

Download and review the 2008 C-3 syllabus for detailed information on topics covered on the exam, learning objectives, exam topic weightings, etc.

Exam Requirements & Procedures

It is presumed that a candidate sitting for the C-3 examination will have the knowledge of materials covered in the following examinations: Pension Administrator (PA) or Retirement Plan Fundamentals (RPF) series, Defined Contribution (DC) series, and Administrative Issues of Defined Benefit Plans (DB). All required and suggested reading material is listed in each topic which can be found by downloading the syllabus.

The 2008 C-3 exam will be held on one day during the Spring exam window, on May 21, 2008. The exam consists of eight essay questions divided as follows: three questions on Topic 1 Prohibited Transactions and Fiduciary Issues, two questions on Topic 2 Investment Issues, and three questions on Topic 3 Distributions. Candidates have four (4) hours to complete this essay examination. C-3 examination results will be mailed to candidates approximately 8-10 weeks after the examination date. A list of passing candidates, identified by ASPPA ID number, will be posted on the ASPPA website (www.asppa.org) just prior to the release of the hardcopies of the examination results are mailed. The use of a calculator will be permitted if it conforms to the required specifications.

Exam Registration & Fees

It is the candidate’s responsibility to review all of ASPPA’s exam policies and procedures which can be found in the ASPPA Program Catalog or on Candidate Corner. You will also find additional helpful information such as test taking tips, directions for contacting your nearest Prometric testing site to schedule examinations, exam windows and dates and much more.

Exam Registration - Register online or download the Exam Registration Form and follow the directions on the form to fax or mail your registration. Confirmation e-mails will be sent to candidates beginning approximately eight weeks prior to the opening of an exam window. Once you receive your confirmation e-mail from ASPPA, you will need to contact Prometric to schedule your proctored exam appointment. Detailed instructions on scheduling your appointment will be included in the confirmation e-mail. Exams are given at Prometric Testing Centers. It is the candidate’s responsibility to schedule an exam. We strongly recommend you schedule an appointment upon receipt of the confirmation letter as testing centers fill up quickly. To find a Prometric Testing Center visit http://www.2test.com.

Exam Fees - To qualify for early registration, registration forms accompanied by the early registration fee must reach the ASPPA office no later than April 17 for the spring examination. To qualify for final registration, registration forms accompanied by the final registration fee must reach the ASPPA office no later than May 14 for the spring examination. For the C-3 exam, there is a non-refundable $275 early/$335 final registration fee per exam for members and a $305 early/$370 final fee per exam for nonmembers. For more information visit the Exam Schedule & Fees page.

Required & Recommended Reading

Required Reading
C-3 Study Guide: Financial and Fiduciary Aspects of Qualified Plans, 2008 Edition, Arlington, VA: ASPPA, 2007. The study guide includes the ASPPA Code of Professional Conduct.

Table of Contents
Chapter 1: Prohibited Transactions, Fiduciary Issues
Chapter 2: Investment Issues
Chapter 3: Distributions
Prior Examinations with Answers

Ferrera, Tess J. ERISA Fiduciary Answer Book, 5th Edition and 2008 Supplement to 5th Edition. New York, NY: Panel Publishers, Inc., 2007.

To order these publications, visit our online bookstore or download the publication order form. Please refer to the 2008 Publications Order Form for publication listings and prices.

Recommended Reading
Aska Knox, Melanie N., and Joan Gucciardi. Pension Distribution Answer Book, 2008 Edition. New York, NY: Panel Publishers, Inc., 2007.

It should be noted that these materials do not constitute the only items available to prepare for the examination. The materials cited are evaluated by the members of ASPPA’s Education and Examination Committee for the purpose of increasing the candidate’s understanding of the various concepts presented. These readings do not reflect any official interpretation, opinion or endorsement of ASPPA or its Education and Examination Committee.

Study Guide References & Errata

For updates to ASPPA’s publications and examinations please visit: http://www.asppa.org/education/ed_study_guide_updates.htm. Please stop by regularly as new updates are posted.

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