SHRM-CP Exam Dumps | Which type of voluntary benefit plan goes beyond IRS guidelines and tends to be offered to shareholders

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Question 60

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Question 60/153

Which type of voluntary benefit plan goes beyond IRS guidelines and tends to be offered to shareholders and executives?

A. Qualified plan

B. Nonqualified plan

C. Defined contribution

D. Defined benefit

E. Participation benefit

Correct Answer: B

Explanation: This question describes the nonqualified plan, which provides benefits to employees such as executives and shareholders. Answer choice A is incorrect because the qualified plan provides IRSapproved tax advantages but without any extra benefits for shareholders and executives. Answer choice C is incorrect because the defined contribution plan utilizes a standard pension plan without any added benefits defined in advance. Answer choice D is incorrect because the defined benefit program starts with a pension plan and adds specified benefits to it. Answer choice E is incorrect because participation benefit is not a type of voluntary benefits plan.

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