ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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pension
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financial plan
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personal assets
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None of the above
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Detailed explanation-1: -A defined benefit plan is commonly called a pension plan. This plan offers guaranteed. Generally, this type of pension scheme is funded by employers for its employees with retirement pay-outs as per a set formula.
Detailed explanation-2: -The National Pension System (NPS) is a defined contribution pension system administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an Act of the Parliament of India.
Detailed explanation-3: -Reduce/residual/residuary pension is the part of pension which is payable after deducting commuted portion of the pension.
Detailed explanation-4: -The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans.