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Title: In addition to your employer contribution, you contribute a set amount of money to your retirement ... Post by: Navpreet_k on Apr 3, 2022 In addition to your employer contribution, you contribute a set amount of money to your retirement income plan. What kind Of plan is it?
a. registered retirement savings plan b. defined benefit plan c. mandatory retirement plan d. defined contribution plan Title: In addition to your employer contribution, you contribute a set amount of money to your retirement ... Post by: ebert on Apr 3, 2022 D - defined contribution plan
Defined-contribution retirement plans include money-purchase plans and profit-sharing plans. In a money-purchase plan, the employer promises to contribute a set percentage of salary. For example, your employer might promise to add 3 percent of your salary to a retirement account each year. In a profit-sharing plan, the employer's contributions are discretionary but are often a percentage of either profits or salary. As with a money-purchase plan, the employer might pay 3 percent per year into your account, but if profits are down, management can choose not make a contribution at all. |