PFC-1 Examination Information

Plan Financial Consulting - 1

Attention QPFC Candidates – Spring Exam Window Extended to July 31
The Spring 2008 examination window for ASPPA’s Plan Financial Consulting exams, PFC-1 and PFC-2 has been extended to July 31! The testing window now runs from May 15-July 31. Also, register by May 14 (final day to register for a Spring exam) and receive the early registration discount fee of $199/$225 (member/nonmember). [Register today]

> PFC-1 Syllabus [PDF]
> PFC-1 Course Overview
> 2009 Education and Examination (E&E) Program Changes (ERPA Designation Impact)
> Exam Requirements & Procedures
> Exam Registration & Fees
> Required Reading and Supplementary Study Tools
> Study Guide References & Errata
> Subject Matter
> Deadlines & Fees
> Grading Process
> Register online

Related Links : Register for Exams : Exam Procedures : Study Guide References print page

Course Overview

This course is the first of two building on the material covered in RPF 1 & 2, leading to the Qualified Plan Financial Consultant designation (QPFC). The focus of this course is the administrative and consulting issues commonly encountered by financial consultants who service clients in the qualified and non-qualified plan arena. All types of defined contribution and defined benefit plans are considered, from non-qualified SERPs to cash balance plans to ESOPs to the Roth 401(k). Plan design issues such as eligibility, vesting, non-discrimination testing, plan documents, top-heavy, and the deductibility of contributions are discussed. A discussion of qualified plans would not be complete without examining the role played by the type of business sponsoring the plan, controlled group issues, and the impact that leased employees, independent contractors and PEOs have on the plans. Finally, ethical considerations as they relate to the financial consultant are addressed.

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.

Exam Requirements & Procedures

It is presumed that a candidate sitting for the PFC-1 examination will have the knowledge of material covered in the Pension Administrator (PA) or Retirement Plan Fundamentals (RPF) series. All required reading material is listed in each topic which can be found by downloading the syllabus. Candidates have two and one-half (2 ½) hours to complete this 65 multiple choice examination. Candidates will receive a grade immediately upon completing the PFC-1 exam at the testing center. 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 examinations and September 19 for the fall examinations. 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 examinations and October 31 for the fall examinations. There is a non-refundable $199 early/$259 final registration fee per exam for members and a $225 early/$285 final fee per exam for nonmembers. For more information visit the Exam Schedule & Fees page.

Required Reading and Supplementary Study Tools

Unless noted all study materials can be ordered by downloading the Publications Order Form and following the instructions to phone, fax or mail your order form and payment. You can also order your publications using the ASPPA Bookstore.

Required Reading
The required reading for the PFC-1 exam is, Retirement Plan Consulting for Financial Professionals, 2008 Edition. Arlington, VA: ASPPA by Sarah E. Simoneaux, CPC.

Table of Contents
Chapter 1: Overview of Retirement Plans
Chapter 2: Understanding the Employer: Types of Entities, Employees and Plans
Chapter 3: Understanding the Employer: Complex Employer Structures
Chapter 4: Defined Contribution Plans
Chapter 5: Defined Benefit Plans
Chapter 6: 401(k) Plan Design
Chapter 7: Hybrid Plan Designs
Chapter 8: Eligibility and Vesting
Chapter 9: Asset and Benefit Rules
Chapter 10: Defined Contribution Plans: Contribution Allocations and Deductions
Chapter 11: 401(k) Plans: Deferrals, Catch-ups and Roth Accounts
Chapter 12: Highly Compensated and Key Employees
Chapter 13: Coverage and Nondiscrimination Testing
Chapter 14: 401(k) Nondiscrimination Testing (ADP/ACP)
Chapter 15: Plan Document Basics
Chapter 16: Effects of Plan Changes
Chapter 17: Ethics: ASPPA Code of Professional Conduct

Supplementary Study Tools
The study tools below are not required preparation for the PFC-1 examination. They are offered as additional study aids and require separate purchase and/or registration fees.

2007 PFC-1 Practice Exam – available for $25 online through the online bookstore or download the publication order form. Please note this is the 2007 PFC-1 practice examination; if you ordered the 2007 practice exam last year you do not need to reorder this practice exam.

2007 PFC-1 Webcourse - It is expected that webcourse registrants preparing for an examination thoroughly study the topics covered in the required reading for the corresponding examination—outlined in the examination syllabus. The webcourse sessions should not be used as a substitute for these materials.

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.

Subject Matter

This examination focuses on the administrative and consulting issues commonly encountered by financial consultants who service clients in the qualified and non-qualified plan arena. Topics covered include:

• Types of Defined Contribution Plans and Allocation Methods
• 401(k) Options and ADP/ACP Testing
• Defined Benefit Types, Characteristics, and 415 Calculations
• Defined Benefit Plan Funding
• Business Entities and Leased Employees
• Eligibility, Participation, and Vesting Rules
• Plan Design Issues
• Top-Heavy Rules
• Coverage Testing Rules
• Document Issues/Guidances/Restatements
• Deductibility of Defined Contribution and Defined Benefit Contributions
• Nonqualified Plans
• Employee Stock Ownership Plans (ESOPs)
• Ethics and Professionalism

Download and review the 2008 PFC-1 syllabus for detailed information on topics covered on the exam, learning objectives, exam topic weightings, etc.

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