Jamie Has Worked for ABC Printing for 5 Years

question 66

Multiple Choice

Jamie has worked for ABC Printing for 5 years. During this period, ABC Printing has contributed $25,000 to her noncontributory retirement plan. Assuming ABC uses cliff vesting, the longest period allowed, how much will Jamie be able to roll into an individual retirement account (IRA) if she leaves ABC Printing?

• A) $0
• B) $5,000
• C) $10,000
• D) $20,000
• E) $25,000

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Definitions:

Bind

To legally obligate oneself or another party to an agreement or contract.

Principal

The main party to a transaction or contract, or the amount of money on which interest is paid or received.

Ratify

The official approval or confirmation of a treaty, contract, or agreement, making it valid and binding.

Contract

A legally binding agreement between two or more parties that outlines the terms and conditions of a particular arrangement or transaction.