Nirinjan's group plan is funded exclusively by his employer's contributionsand he is not permitted to make contributions.
Question:
Nirinjan's group plan is funded exclusively by his employer's contributionsand he is not permitted to make contributions. The contributions can fluctuate from year to year, and some years his employer may not make contributions at all. The contributions are tax-deductible for his employer, but not for him. Nirinjan was given several investment options to choose from for the holdings in the plan. The plan does not guarantee him a specific pension amount, but he can transfer the accumulated amount to a registered retirement income fund (RRIF) or an annuity. Which of the following is Nirinjan's plan?
a)Group Registered Retirement Savings Plan (GRRSP)
b)Defined Benefit Pension Plan (DBPP)
c)Defined Contribution Pension Plan (DCPP)
d)Deferred Profit Sharing Plan (DPSP)
