Question: QUESTION 23 A major difference between defined benefit pension plans and defined contribution pension plans is that Accounting for defined benefit plans is much simpler

QUESTION 23

A major difference between defined benefit pension plans and defined contribution pension plans is that

  1. Accounting for defined benefit plans is much simpler than accounting for defined contribution plans.
  2. In a defined contribution plan, the risk of loss is borne primarily by the employee
  3. Employees generally are required to contribute to defined contribution plans but not to defined benefit plans.
  4. There is no major difference between the two kinds of pension plans.

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