Examlex
Select the correct name for the following compound.
Vacation Pay Payable
Liabilities owed to employees for earned but unused vacation time, which a company must pay out in the future.
Defined Benefit Plan
A pension plan that promises employees a fixed annual pension benefit at retirement, based on years of service and compensation levels.
Pension Plan
A retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker's future benefit.
Annual Pension Benefit
The amount of money an individual receives annually from their retirement plan after retiring.
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