Retirement Benefits

# CFP — Retirement & Benefits Planning Exam: CFP Board Certification Exam — Domain F: Retirement Savings and Income Planning (18% of exam — highest-weighted domain) Exam Format: 170 questions total | [Source: CFP Board, cfp.net, live-fetched 2026-06-29] Last Updated: June 2026 --- ## Qualified Retirement Plans Overview ### Two Major Categories | Category | Tax Treatment | |---|---| | Defined Benefit (DB) | Employer promises specific benefit at retirement; actuarially funded | | Defined Contribution (DC) | Employer/employee contribute to individual accounts; benefit depends on performance | ### ERISA Requirements The Employee Retirement Income Security Act (ERISA) governs private employer retirement plans: - Participation standards: Must allow employees to participate within 1 year (or 2 if immediate vesting) - Vesting schedules: Employee must vest in employer contributions over time - Funding standards: Minimum funding required (DB plans) - Reporting/disclosure: Summary plan description (SPD) must be provided - Fiduciary rules: Plan must be managed in best interest of participants --- ## Defined Contribution Plans ### 401(k) Plans 2025 contribution limits: - Employee elective deferral: $23,500 - Catch-up (age 50–59, 64+): +$7,500 - Super catch-up (ages 60–63, SECURE 2.0): +$11,250 instead of $7,500 - Total (employee + employer): $70,000 or 100% of compensation (whichever is less) Investment: Employee directs; employer may match. Vesting: Employee contributions are always 100% vested; employer contributions vest per schedule. ### 403(b) Plans Similar to 401(k); available to public schools, nonprofits,…