Question: What is the difference between defined benefit plans and defined contribution plans? Group of answer choices Defined benefit plans and defined contribution plans are both

What is the difference between defined benefit plans and defined contribution plans?

Group of answer choices

Defined benefit plans and defined contribution plans are both pension plans.

Defined benefit plans guarantee payments to retirees, whereas defined contribution plans make contributions to retiree accounts without making guarantees.

Defined contribution plans are pensions and defined benefit plans are not.

Defined contribution plans require employees to save less for retirement, whereas defined benefit plans require employees to save more.

Employer-sponsored retirement plans that can be funded by the employer are:

Group of answer choices

403(b) plans.

457 plans, 403(b) plans, and defined contribution plans.

457 plans.

defined contribution plans.

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