The Two Generic Types of Pension Plans Are Contributory Plans

question 7

True/False

The two generic types of pension plans are contributory plans and noncontributory plans.

---

Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states to facilitate easier interstate commerce.

Model Code

A systematically arranged collection or compendium of guidelines, rules, or regulations that is designed to serve as a template or reference for legal reform or drafting.

Commercial Transactions

Business dealings or the exchange of goods, services, or financial assets between parties in the marketplace.

Adaptive System

A system that is capable of adjusting its behavior or structure based on changes in its environment or internal state.