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22 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

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6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employees

34. In a defined-contribution plan, a formula is used that defines the benefits that the employee will receive at the time of retirement. requires an employer to contribute a certain sum each period based on the formula. ensures that employers are at risk to make sure funds are available at retirement. ensures that pension expense and the cash funding amount will be different.

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 true

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1. Which of the following statements typifies defined contribution plans? Investment risk is borne by the corporation sponsoring the plan. O Retirement benefit is defined by a pension formula O The plans are more complex than defined benefit plans. O The employer's obligation is satisfied by making the periodic contribution to the plan.

Terminology: Employer-Sponsored Retirement Plans Many employers offer retirement plans as an employee benefit. An opportunity to participate in one should be seized, even if at its minimum participation requirements. In order to know what you're getting yourself into, you need to be familiar with the terms, provisions, and types of plans you may be offered. Match the terms relating to the basic terminology and concepts associated with employer-sponsored retirement plans on the left with the descriptions of the terms on the right. Read all descriptions first then make the best match between each description and term. In the Answer column, select the letter corresponding to the term's correct description. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description ERISA A. A law that establishes parameters for employee eligibility, waiting periods, and vesting in employer-sponsored plans. Vested В. An employer sponsoring…

a. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of Canada

If employee's are paying into a SIMPLE retirement plan, each payperiod how is the SIMPLE plan's contributions entered in a journal entry?

In a defined contribution plan, a formula is used that: Ensures that pension expense and the cash funding will be different Requires an employer to contribute a certain sum each period based on the formula Defines the benefits that the employee will receive at the time of retirement Ensures that the employer is at risk to make sure funds are available at retirement

Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer's periodic pension expense in the year the event occurs.                                                                        Events 1. Interest cost.                                                                                                                        _____ 2. Amortization of prior service cost---AOCI.                                                                           ______ 3.Excess of the expected return on plan assets over the actual return                                    _____ 4. Expected return on plan assets.                                                                                            _____ 5. A plan amendment that increases benefits is made retroactive to prior years.                       ____ 6. Actuary's estimate of the PBO is increased.…

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Answer financial accounting

Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer's projected benefit obligation. Events 1. Interest cost. 2. Amortization of prior service cost. 3. A decrease in the average life expectancy of employees. 4. An increase in the average life expectancy of employees. 5. A plan amendment that increases benefits is made retroactive to prior years. 6. An increase in the actuary's assumed discount rate. 7. Cash contributions to the pension fund by the employer. 8. Benefits are paid to retired employees. 9. Service cost. 10. Return on plan assets during the year are lower than expected. 11. Return on plan assets during the year are higher than expected.

Define Employee Retirement Income Security Act (ERISA)

Mulitple choice question   When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employers