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Traditional Benefit Packages Were Designed for the Typical Employee of the 1950s;

question 145

True/False

Traditional benefit packages were designed for the typical employee of the 1950s; fewer than 10% of employees now fit that stereotype,requiring an updated look at these benefits.


Definitions:

Tax-free

Financial gains or receipts that are not subject to tax by authorities, often due to specific exemptions or regulations.

Tax-deferred Plans

Retirement or investment accounts that allow taxpayers to postpone tax liabilities on earnings until funds are withdrawn in the future.

Retirement

The period in an individual's life during which they cease full-time work, typically due to age.

SIMPLE

An acronym for Savings Incentive Match Plan for Employees, a type of retirement savings plan that allows employees and employers to contribute to traditional IRAs set up for employees.

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