What is the difference between a defined benefit and a defined contribution

retirement plan?

Multiple Choice

Defined contribution plans allow employees to determine

a set amount to receive during retirement.

Defined benefit plans allow employees to determine a

specific amount of money they wish to contribute toward

their retirement plan.

The employer guarantees a specific retirement income for

defined benefit plans.

Defined benefit plans allow employees to set aside money

on a tax$-$exempt basis.

According to Publication $15-$b$,$ what is the annual cash value limit for excluded

non$-$qualified achievement awards $($as of $2023)?$

Multiple Choice

$$400$

$$1,600$

$$1,200$

$$800$