John Carpenter works as a manager of a retail store.His employer has been setting money aside for him each month in the amount of 7 percent of his monthly earnings.What type of retirement plan does John have?

Question

Quizplus · Accepted Answer

A money-purchase pension plan is a type of defined contribution plan where the employer contributes a fixed percentage of the employee's earnings to their retirement account, which matches the description given for John Carpenter's retirement plan.

John Carpenter Works as a Manager of a Retail Store