Explain the difference between a defined benefit and defined contribution pension plan.  Then examine the City of Chicago’s Police and Firefighters’ Pension Funds.  Explain what type of plan (benefit or contribution) they are and what are the problems they currently face (specifically, what is their funding ratio as of December 2020).  How did they get into the situation they find themselves today

1.Which of these is not a tax-advantaged retirement account? Question options:   Thrift Savings Plan   401(k)   Roth IRA   Brokerage Fund 2. You have decided to set aside 15% of your salary towards retirement. You work at a firm where your employer matches your contribution to your 401(k) plan, dollar for dollar, up to 5% of your salary. Which of these statements is correct?   Question 4 options:   If you contribute 6% of your salary, the employer match is equivalent to a 100% return on your contribution.   What your employer contributes should not play into your decision.   It is always a good idea to contribute less than your employer does.   This stuff is stupid.

How much money can you put into a pension plan? How much money can you expect to get out of retirement when you have a pension plan?

More and more employees are choosing to invest in a company 401(k) plan versus a pension plan. What is the difference between the two?