Chapter 26 Assignment Consider two pension plans for Bon, who works for Solar Coption and Cancy, who works for Solare conany Tools pl Plan A Bob will receive 50% of his average annual salary during the Five years in which is salary was highest the stays with Solar at least 15 years, and 70% he stays with Solar at least 20 years Plan Solare contributes 4 every month to Clancy's retirement plan, Clancy to contributes from his paycheck each pay period os Which of the following pension plane is a defined benefit puan? Plan A Plan B Which of the following is the key characteristic that distinguishes between defined contribution and defined benefit person plans? A defined contribution plan allowes employees to decide how to invest the money set aside for their retirement CA defined benefit plan allows employees to decide how to invest the money set aside for their retirement A defined benefit plan requires the employer to contribute funds every pay period that then can be invested until the employee's retirement O A defined contribution plan allow employees access to money any time before retirement, for any reason, with no penalty la defined benefit plan? Plan Plan B Which of the following is the key characteristic that distinguishes between defined contribution and defined benefit pension plans? O A defined contribution plan allows employees to decide how to invest the money set aside for their retirement A defined benefit plan allows employees to decide how to invest the money set aside for their retirement, O A defined-benefit plan requires the employer to contribute funds every pay period that then can be invested until the employee's retirement. O A defined contribution plan allows employees access to money any time before retirement, for any reason, with no penalty Which of the following statements about a defined-contribution plan are accurate? Check all that apply. All employees ultimately will have the same account balance at the time of retirement The sponsoring firm's main responsibility is its contributions to the fund. Employees can designate what proportions of their money should be allocated to particular types of investments. Employees can access money any time free of charge before retirement Grade It Now Save & Continue Continue without Saving