Which of the following statements characterizes defined benefit plans?

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Defined benefit plans are retirement plans in which the retirement benefits an employee receives are based on the plan's benefit formula, which typically takes into account factors such as the employee's years of service and salary history. The employer is responsible for managing the plan's assets and assuming the investment risk, which means that the retirement benefits are not dependent on how well the pension fund assets have been managed. Defined benefit plans can be complex and raise accounting issues for employers.

Which of the Following Statements Characterizes Defined Benefit Plans