Question

A pension plan: a. is a contractual agreement between an employer and its employees in which the employer provides benefits to employees after they retire.b. can be underfunded if the accumulated benefit obligation is more than the plan assets.c. can include a plan administrator who receives payments from the employer, invests them in pension assets, and makes benefit payments to pension recipients.d. can be a defined benefit plan in which future benefits are set, but the employer's contributions vary depending on assumptions about future pension assets and liabilities.e. All of these.

Answer 1

A pension plan is a contractual agreement between an employer and its employees in which the employer provides benefits to employees after they retire.

A pension plan is an employee benefit in which the employer commits to making regular contributions to a pool of money set aside to fund payments to eligible employees after they retire. Traditional pension plans are becoming increasingly scarce in the private sector of the United States. They have largely been replaced by less expensive retirement benefits for employers, such as the 401(k) retirement savings plan.

Pension plans are classified into two types: defined benefit and defined contribution. A company can afford to sponsor a defined contribution plan because the long-term costs are difficult to predict. They also made the company liable for any shortfalls in the fund.

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