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PFC-2 Practice Exam Errata

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Question 2, Answer A should read “Participant A must pay a penalty tax of $2,000 in 2004; $0 in 2005; and $22,000 in 2006.”

Question 16 should read: “When converting a plan from a balance forward recordkeeping system to a daily valuation system, the plan sponsor must decide how to transfer the assets. Which of the following strategies is/are TRUE regarding acceptable methods that can be used to transfer assets?”