RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches the employee's contribution.
An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer?
A) defined benefit, flat percentage of annual earnings
B) defined benefit, flat dollar amount for all employees
C) defined benefit, unit-credit formula
D) defined contribution money purchase plan
Question 2
Which of the following statements is (are) true with respect to SIMPLE retirement plans?
I. Only large employers can start a SIMPLE plan, provided the employer does not maintain another qualified plan.
II. SIMPLE plans are exempt from most nondiscrimination and administrative rules that apply to qualified plans.
A) I only
B) II only
C) both I and II
D) neither I nor II
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