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Business plans differ in the time horizons that they cover. Discuss the three major types of business plans in terms of their intended duration and explain why all three of these types of plans are important to a business.
Vesting
Vesting refers to the process by which employees gain non-forfeitable rights to employer-contributed benefits, such as pensions or stock options, over time.
Pension Benefits
Payments made to retirees or their beneficiaries, typically based on years of service and salary, as part of an employer-sponsored retirement plan.
Flexible Benefit Plans
Employee benefit programs that allow individuals to choose from a variety of offerings to create a package tailored to their needs.
Skilled Staff
Individuals who have specialized training, expertise, or abilities that contribute to the performance of specific job functions.
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