The President co. contributes an amount equal to 3% of each employees salary every year to be invested by an investment fund to provide retirement benefits. At retirement, each employee receives the designated amount in the fund. The Noah Co promises to pay each employee $100 per month after retirement multiplied times the number of years of the persons employment. For example a person who works 20 years will receive $2000 per month ($100 times 20) until death. Which of the following statements are true h

Question

Answer

President is using defined contribution pension plan while Noah is using defined benefit pension plan

Answer

Preston is using a defined benefit pension plan while Noah is using a defined contribution pension plan

Answer

Both companies are using defined contribution pension plans

Answer

Both companies are using defined benefit pension plans

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The President co. contributes an amount equal to 3% of each employees salary eve...

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