Qualified Retirement Plans Include Defined Benefit Plans but Not Defined

question 163

True/False

Qualified retirement plans include defined benefit plans but not defined contribution plans.

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Definitions:

Union Shop

A workplace where employees are not required to join the union in order to be hired, but must join within a certain period of being employed and remain members as a condition of employment.

Closed Shop

A workplace where only workers who are already members of the union can be hired.

Agency Shop

A workplace where employees are not required to join the union, but must pay union dues as the union negotiates on behalf of all employees.

Rand Formula

An option in a collective agreement enabling employees to retain the right not to join the union, though they are still required to pay union dues; also known as an agency shop.