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Navpreet_k Navpreet_k
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A year ago Edited: A year ago, bio_man
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
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A year ago
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.
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