State and local government pensions tend to be

Question

Quizplus · Accepted Answer

State and local government pensions are typically defined benefit pension programs, which guarantee a specific amount of retirement income to employees based on factors such as years of service and earnings history. This is in contrast to defined contribution programs, where employees contribute a set amount of money into an individual account and are responsible for investing and managing those funds for their retirement. Ponzi schemes and Social Security are not appropriate choices for this question, as they are not related to state and local government pensions.

State and Local Government Pensions Tend to Be