LLQP Exam Dumps | Sebastian is a 44-year-old sales representative employed at Premier Aqua. He wants to take a year off

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Question 109/126

Sebastian is a 44-year-old sales representative employed at Premier Aqua. He wants to take a year off to travel and relax. He has worked for the company for 25 years and accumulated $230,000 in a deferred profit sharing plan (DPSP). He would like to know if he can use some of the funds in his DPSP to fund his sabbatical.

A. Yes, he can withdraw the funds if he wants to.

B. Yes, he can withdraw the funds if he gets permission from his employer.

C. No, the funds can only be transferred to a life income fund (LIF).

D. No, the funds can only be transferred to a locked-in retirement account (LIRA).

Correct Answer: D

As with most Deferred Profit Sharing Plan (DPSP) funds, Sebastian's accumulated balance is generally locked-in, which means it cannot be withdrawn in cash while still under the plan. Instead, he may transfer it to a Locked-In Retirement Account (LIRA) upon leaving his employment or retiring, ensuring the funds remain tax-deferred. LLQP guidelines state that DPSP funds are generally subject to locking-in provisions, which restrict withdrawals and are specifically aimed at providing retirement income.
Thus, contrary to options A and B, Sebastian cannot withdraw the DPSP funds for discretionary purposes, such as funding his sabbatical, because of these restrictions. Option C is incorrect, as transferring to a Life Income Fund (LIF) would only be appropriate once the funds are in a LIRA, typically when Sebastian is closer to retirement age and ready to begin income withdrawals.

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