The __________ pension plan guarantees a specific payment based on a percentage of pre-retirement income.

Question

Quizplus · Accepted Answer

The defined benefit pension plan guarantees a specific payment based on a percentage of pre-retirement income. The accumulation plan is similar to a defined contribution plan where the employee contributes to a retirement account over time. Profit-sharing is a type of plan where the company contributes a portion of their profits to employees' retirement accounts. A 401K plan is a type of defined contribution plan where the employee can contribute a portion of their income, and the employer may also match a certain percentage of the contribution. Therefore, the only best choice is option C.

The __________ Pension Plan Guarantees a Specific Payment Based on a Percentage