Allred Corporation's retirement plan will pay $250 a month for each year worked for the company commencing on the employee's 65th birthday. People must work for the company for 10 years to qualify for the pension. This plan is a

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This is a defined-benefit plan as the retirement benefit is based on a specific formula that takes into account the employee's years of service and age. The employer is responsible for funding the plan and guaranteeing the retirement benefit, regardless of the investment performance of the plan's assets.

Allred Corporation's Retirement Plan Will Pay $250 a Month for Each