James Callaghan Has Worked Full-Time for BC Metals for Four

question 46

Multiple Choice

James Callaghan has worked full-time for BC Metals for four years. He has learned from the HR manager that his earned pension benefits cannot be revoked by the employer. Why is this so?

• A) because the employer expects him to work until retirement
• B) because the benefits are vested
• C) because the union would strike if they are revoked
• D) because the benefits are defined

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Definitions:

Dissociated Limited Partner

A person who has ceased to be involved in a limited partnership either through withdrawal, expulsion, or another mechanism outlined in the partnership agreement.

Management Powers

Refers to the authority given to managers or directors of a corporation or organization to make significant decisions in the day-to-day operations.

Limited Liability

A legal principle that shields an investor's personal assets from the debts and liabilities of the company, limiting loss to the amount invested.

Certificate of Limited Partnership

A legal document filed with a state governmental body that establishes the existence of a limited partnership.