When the employee bears the entire costs of discretionary benefits it is referred to as which type of financing? Select one: a. Contributory b. Noncontributory c. Employee-focused d. Employee-financed
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When the employee bears the entire costs of discretionary benefits it is referred to as which type of financing?
Contributory
Noncontributory
Employee-focused
Employee-financed
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- Which of the following increases the Employee Benefit Expense? Actual return on plan assets Gain on remeasurement of plan assets Interest income on plan assets Loss on settlement of benefit obligationA Defined Benefit Plan defines the following: O A. Your (employee) contributions to the plan B. The rate of return on assets (stocks, bonds, etc.) in the plan C. In most cases, is funded almost entirely by the employer D. Both A & C E. None of the aboveWhich of the following is not an approach to financing employee benefits? Select one: a. Noncontributory b. Employee-financed c. Contributory d. Voluntary
- Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.In a defined contribution plan, as long as the employer makes a definite contribution to the plan, the investment risk is carried by the employee. a. TRUE b. FALSEIt is a type of retirement plan where the benefit to be received by the employee is dependent on the contributions made to the plan and on the investment performance of the plan. The risk that the benefits to be received may be insufficient is retained by the employee. a. Defined contribution plan b. Defined benefit plan c. none of the above d. a or b
- Where a post-employment benefit plan contains characteristics of both defined contribution and defined benefit, the plan is considered to be a. Defined contribution plan b. Defined benefit plan c. High breed plan d. a or bWhich of the following is an indicator that an employee benefit is provided in exchange for services? the benefit is provided in accordance with the terms of an employee benefit plan the benefit is conditional on future service being provided either of the choices both of the choicesNonqualified deferred compensation plan benefits constitute income when: Select one: a. The company acquires a life insurance policy on the employee. b. The company funds the benefits through allocation of its assets. c. The allocated assets are available to the employee with substantial limitations, conditions and risk of forfeiture. d. The allocated assets are available to the employee without substantial limitations, conditions and risk of forfeiture.
- S1: Under a defined contribution plan, the amount of a participant’s future benefits is determined by the contributions paid by the employer, the participant, or both, and the operating efficiency and investment earnings of the fund. S2: Under a defined benefit plan, the payment of promised retirement benefits depends on the financial position of the plan and the ability of contributors to make future contributions to the plan as well as the investment performance and operating efficiency of the plan. Only S1 is true None is true Only S2 is true Both are trueThe account Benefits Payable, is best defined as An asset account An account showing the benefits to be paid to the employee An account showing the benefits that are paid to a governmental entity An account showing the contributions owed for a benefit plan offered by the employer22 What must an employer disclose in a defined contribution plan? The amount to be paid by the employees The basis for determining payments to fund The basis for determining benefits paid out The amount to be paid out NEXT > BOOKMARK D
