Ross works for Houston Corporation, which has a contributory defined contribution pension plan. The employer's monthly contribution to the plan is 8 percent of each participating employee's monthly salary, while the employee contributes only 6 percent. Which of the following statements best describes the benefits of the plan?
◦ Houston receives a deduction for its contributions to the plan when Ross receives a distribution from the plan.
◦ While Ross is taxed on the employer's contributions to the plan, his own contributions are not taxed until he receives a distribution from the plan.
◦ Ross may deduct his own contributions to the pension plan, and Ross reports income from the plan each year until he receives distributions from the plan.
◦ The amounts contributed to the plan and the earnings on those contributions are not taxed to Ross until he retires or receives a distribution from the plan.
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