BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Keogh retirement account
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vesting account
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portability account
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individual retirement account
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Detailed explanation-1: -A plan that helps you meet retirement solutions like gratuity, superannuation and leave encashment for your employees. Also, provides them the additional benefit of life cover.
Detailed explanation-2: -Defined Contribution (DC) pension plans define the amount of required contributions to the pension plan. A member’s pension benefits are based on contributions from the member (if the plan is contributory) and the employer.
Detailed explanation-3: -The benefits in most traditional defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC). A defined contribution plan, on the other hand, does not promise a specific amount of benefits at retirement.
Detailed explanation-4: -The amount of pension is 50% of the emoluments or average emoluments whichever is beneficial. Minimum pension presently is Rs. 9000 per month. Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs. 1, 25, 000) per month. Pension is payable up to and including the date of death.