Which of the following statements about retirement benefits under pension plans is true?
A) Under a flat percentage of annual earnings defined benefit formula, each employee receives the same dollar benefit.
B) A benefit using final pay is usually based on an employee's earnings during the last month of plan participation.
C) A unit-benefit formula considers both earnings and years of service.
D) Past service benefits are the result of bonuses and overtime pay during the period an employee participated in the plan.
Question 2
Which of the following statements concerning defined contribution pension plans is (are) true? I. The contribution rate is fixed. II. The retirement benefit varies.
A) I only
B) II only
C) both I and II
D) neither I nor II
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