With a Defined Benefit Plan

question 19

Multiple Choice

With a defined benefit plan:

• A) an employee can receive a lump sum amount on retirement
• B) the benefits received on retirement vary by the employee's age and length of service
• C) employees can move to another job and carry their retirement accounts with them
• D) the benefits begin the day the employee turns 60
• E) the survivors will receive the benefits in the event the employee dies before the retirement funds are paid out

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Definitions:

Legal Minimum Wage

The lowest hourly, daily, or monthly remuneration that employers are legally allowed to pay their workers.

Unemployment

The situation when individuals who are capable of working and are actively seeking work are unable to find employment.

Equality

A state of being equal, especially in status, rights, and opportunities.

Positive Economics

The branch of economics that concerns itself with describing and explaining economic phenomena as they are, not as they should be.