Question
Which of the following is a feature of a defined
contribution pension plan? 1) Guaranteed payout at retirement 2) Employee bears the investment risk 3) Contributions are fixed in it.Solution
A defined contribution pension plan is a type of retirement plan in which the contributions are fixed, but the eventual payout is not. The contributions are invested and the eventual payout depends on the performance of the investments. Therefore, the employer does not guarantee a payout at retirement and the investment risk is borne by the employee. This is in contrast to a defined benefit pension plan, in which the employer guarantees a certain payout at retirement regardless of the performance of the investments.
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Which of the following is an essential part of 'Rule of Law' and 'Independence of Judiciary'?
