Asked by Hunter LeBlanc on Sep 23, 2024
Verified
With a defined benefit plan:
A) an employee can receive a lump sum amount on retirement
B) the benefits received on retirement vary by the employee's age and length of service
C) employees can move to another job and carry their retirement accounts with them
D) the benefits begin the day the employee turns 60
E) the survivors will receive the benefits in the event the employee dies before the retirement funds are paid out
Defined Benefit Plan
A pension plan where an employer promises a specified pension payment upon retirement, calculated based on the employee's earnings history, tenure of service, and age.
Retirement Accounts
Financial accounts that offer tax benefits and are specifically designed to save and invest for retirement.
Lump Sum Amount
A single payment made for a particular purpose, rather than payments made in installments.
- Identify the differences in expenses and advantages among various sizes and categories of businesses.
Verified Answer
Learning Objectives
- Identify the differences in expenses and advantages among various sizes and categories of businesses.
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