JKL Company just converted its traditional defined-benefit plan to another type of plan.Under the plan,benefits are defined in terms of a hypothetical account balance,with retirement benefits dependent upon the value of the participant's account at retirement.Each year,employees receive an interest rate credit and a pay credit which is a specified percentage of compensation.This type of plan is called a(n)

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The description given in the question refers to a cash-balance plan, where benefits are based on a hypothetical account balance and employees receive annual interest and pay credits. A section 401(k) plan is a type of defined contribution plan where employees contribute a portion of their own salary and typically have investment options. A deposit-administration plan and a trust fund plan are not commonly used plan types, and do not match the description given in the question.

JKL Company Just Converted Its Traditional Defined-Benefit Plan to Another