In a Contributory Defined Contribution Pension Plan,all of the Following

question 94

Multiple Choice

In a contributory defined contribution pension plan,all of the following are true with the exception of

• A)a separate account is established for each participant.
• B)both the employee and employer can make contributions to the plan.
• C)amounts are contributed to the plan based upon a specific formula.
• D)retirement benefits are a fixed amount based on the level of compensation earned by the employee during the working years.

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Definitions:

Autonomy

The capacity to make an informed, uncoerced decision or the state of being self-governing.

Competence

Refers to possessing the necessary abilities, knowledge, and skills to perform a task or job effectively and efficiently.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated to achieve certain needs, which are arranged in a hierarchical order from physiological needs up to self-actualization.

Implicit Motive

Unconscious motivations that influence an individual’s behavior, desires, and needs, typically assessed through projective measures.