When comparing a defined benefit and a defined contribution pension plan, which of the following statements is/are true?

1. An actuarial review may result in changes to the employer's required contributions into a defined contribution plan, but an actuarial review is not necessary for a defined benefit plan. 2. Both types of plans typically offer a selection of investment options into which the plan member may direct his contributions. 3. A defined contribution plan is more easily understood than a defined benefit plan. 4. The plan member assumes responsibility for the investment risk with a defined contribution plan whereas the member assumes no investment risk with a defined benefit plan.

Question 23 options:

	1 and 2
	1 and 4
	2 and 3
	3 and 4

By the end of 2018, Bill retired after 30 years of participation in his employer's pension plan. The pension plan provides a benefit based on 1.8% of his best earnings over four consecutive years. Bill's career has progressed steadily with his promotion six years ago having caused a substantial jump in his earnings. Given the following earnings history, calculate Bill's annual pension.

2013 ~ $60,000 2014 ~ $65,000 2015 ~ $70,000 2016 ~ $75,000 2017 ~ $71,000 2018 ~ $60,000

Question 25 options:

	$32,400
	$37,260
	$37,935
	$42,150

With regard to the amount of income that can be withdrawn from a RRIF, which one of the following statements is true?

Question 27 options:

	An individual has complete discretion as to the amount and timing of withdrawals from his RRIF
	CRA sets a prescribed maximum amount of income that can be withdrawn from a RRIF on an annual basis, beginning in the year that the plan is established
	CRA sets a prescribed minimum amount of income that must be withdrawn from a RRIF on an annual basis, beginning in the year after it is established
	Only RRIFs termed as non-qualifying RRIFs are subject to a prescribed schedule of withdrawals