In a Defined-Contribution Plan

question 45

Multiple Choice

In a defined-contribution plan:

• A)Only the employee makes contributions into the fund
• B)The retirement benefits will vary with both the amount contributed and the performance of the fund
• C)The benefits are determined mainly by years of service
• D)No vesting is required; employees are eligible for benefits from the time they make their first contribution

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Definitions:

Cultural Relativism

A perspective in anthropology and ethics that posits all cultures have their own values and norms, which are not inherently superior or inferior to those of other cultures.

Equal Value

The principle that all people, regardless of their personal characteristics, should be treated with the same respect and dignity, acknowledging their worth as individuals.

Cultural Practices

The common habits, rituals, and traditions that characterize a particular society or community.

Globalization

The process by which businesses, cultures, and economies become integrated and interconnected on a global scale.