Defined Benefit Plans Specify the Amount of Benefit an Employee

question 141

True/False

Defined benefit plans specify the amount of benefit an employee will receive on retirement while defined contribution plans specify the amounts that employers and employees will (or can)contribute to an employee's plan.

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Definitions:

Structured Relationships

Organized and often formal interactions that follow defined rules or patterns, typically within a professional or institutional setting.

Reference Groups

Social groups that individuals look to as a basis for self-assessment or as a source of personal standards.

Self-Appraisal

A process by which an individual evaluates his or her own performance, strengths, and weaknesses.

Personal Standards

The individual beliefs and values that guide behavior and decision-making practices.