Asked by Mohith Ancha on Jul 23, 2024

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In a defined-contribution pension plan, the amount an employee is to receive upon retirement is specifically set forth.

Defined-Contribution Pension Plan

A retirement plan where employers, employees, or both make contributions, and the retirement benefits are based on the amount contributed and the returns on the investment of those contributions.

Retirement

The period during which an individual stops working in their professional capacity and typically begins to receive pension benefits.

  • Recognize the importance and mechanics of retirement and pension plans, including contributory and non-contributory models.
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ZJ
Zhongyang JiangJul 27, 2024
Final Answer :
False
Explanation :
In a defined-contribution pension plan, the amount an employee contributes and the performance of the plan's investments determine the employee's retirement benefits. Therefore, the amount an employee is to receive upon retirement is not specifically set forth.