Question: Social Security is closer to a multiple choice defined contribution plan, because if you participate for the required period of time, you make a contribution
Social Security is closer to a
multiple choice
defined contribution plan, because if you participate for the required period of time, you make a contribution according to a set of rules and a formula.
defined benefit plan, because those enrolled contribute to an account according to a formula, which can be percent employee, percent employer, or some mix.
defined benefit plan, because if you participate for the required period of time, you get a benefit according to a set of rules and a formula.
defined contribution plan, because if you participate for the required period of time, you get a benefit according to a set of rules and a formula
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