According to the Textbook,once an Employee Is Vested,all Pension Plan

question 53

Multiple Choice

According to the textbook,once an employee is vested,all pension plan contributions are "locked-in" and cannot be withdrawn by the employee on termination of employment; in this case,when must employees wait until to receive a pension from the plan?

• A) Changing jobs
• B) Retirement
• C) At least 5 years of service
• D) Transfer
• E) Promotion

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Definitions:

Employee Deductions

Amounts withheld from an employee's paycheck, often for taxes, insurance premiums, retirement contributions, and other benefits.

Form 941

A quarterly federal tax form filed by employers to report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks.

Form 941 Taxes

Federal tax form used by employers to report quarterly income taxes, social security tax, or Medicare tax withheld from employee's paychecks.

Total State Income Tax

The sum of all income taxes imposed by a state government on individual and business income.