Paul earns $55,000 during the current year. His employer contributes $3,000 during the year to a qualified retirement plan on behalf of Paul. The amount of the contribution for the year is based on Paul's desire to have a monthly retirement benefit of $3,500. What type of retirement plan is this?

Answer rating: 100% (QA)

It is a Defined benefit plan Reason Retirement plans are a mechanism to define p... View the full answer