Defined Benefit Vs. Defined Contribution Plans
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Quick quiz for discerning the differences between DC and DB plans.
Topics of this game:
- Which plan can only be sponsored by an employer and can not be opened by an individual?
- Which plan always allows, under any circumstance, a lump sum distribution of the money after termination?
- In which plan does the EMPLOYER have final say in how the money is invested?
- In which plan is an annuity the most common form of payment?
- In which plans are loans are most likely to be offered as an option?
- In this plan, as long as the company is solvent, the investment performance does not affect the employees retirement benefit value.
- In this plan, you may need to meet age and service requirements before accessing the funds.
- In this plan the employee decides what securities (mutual funds and stocks) to invest in.
- In this plan, the benefit is limited by IRS calculation parameters.
- This type of plan has annual contribution limits for employees and employers set by the IRS.
