You Get a Job with the Allred Corporation

question 53

Multiple Choice

You get a job with the Allred Corporation.Their retirement plan will pay you $250 a month for each year you work for the company commencing on your 65th birthday.You must work for the company for 10 years in order to qualify for the pension.This plan is a

• A)defined-benefit plan.
• B)defined-contribution plan.
• C)traditional IRA.
• D)Keogh plan.

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Definitions:

Topmost Layers

Refers to the highest or uppermost layers or strata in a given structure or system, such as in geological formations or atmospheric levels.

Fossilized

The process by which organic material is converted into a fossil through the replacement of the original material with mineral substances.

Trace

A very small amount of something.