Defined Benefit Plans Specify the Amount of Benefit an Employee

question 141

True/False

Defined benefit plans specify the amount of benefit an employee will receive on retirement while defined contribution plans specify the amounts that employers and employees will (or can)contribute to an employee's plan.

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Definitions:

Ethnic Affiliation

The association or connection an individual has with a particular ethnic group, often defined by common cultural, linguistic, or ancestral ties.

Employment Equity

Policies and practices aimed at eliminating discrimination and promoting equal opportunities for all job applicants and employees in the workplace.

Ethnic Mosaic

A term often used to describe a society that contains a diverse mix of ethnic groups and cultures, living together but retaining distinct cultural identities, particularly in contrast to a "melting pot."

Transnational Community

A group of people who maintain connections, create social networks, and build identities across national borders.