Ricardo has worked for a local company for the last 25 years.Upon retirement,Ricardo has been guaranteed a salary of $2,000.00 per month under the company's retirement plan.What kind of retirement benefit program is this company using?

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The company is using a defined benefit plan, as Ricardo has been guaranteed a specific monthly salary upon retirement. This is different from a defined contribution plan, where the employee contributes a set amount to their retirement account and the eventual benefit is dependent on how well their investments perform. A tax-deferred plan (such as a 401(k)) and a registered retirement savings plan (such as an RRSP in Canada) are both types of retirement savings plans, but they do not necessarily guarantee a set benefit like a defined benefit plan.

Ricardo Has Worked for a Local Company for the Last