All of the following statements are true about non-contributory defined benefit retirement plans EXCEPT: A contribution amounts vary based upon the age of the person covered under the plan B larger contributions are made for older plan participants nearing retirement than for younger ones C once benefit payments start, the amount of the benefit is fixed D contribution amounts remain fixed based regardless of age Review

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03-06-2021
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All of the following statements are true about non-contributory defined benefit retirement plans EXCEPT: A contribution amounts vary based upon the age of the person covered under the plan B larger contributions are made for older plan participants nearing retirement than for younger ones C once benefit payments start, the amount of the benefit is fixed D contribution amounts remain fixed based regardless of age Review

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-06-04T14:29:37-04:00

Answer: D. contribution amounts remain fixed based regardless of age

Explanation:

The statements that are true about non-contributory defined benefit retirement plans include:

• contribution amounts vary based upon the age of the person covered under the plan.

• larger contributions are made for older plan participants nearing retirement than for younger ones.

• once benefit payments start, the amount of the benefit is fixed.

It should be noted that in a defined benefit retirement plan, there is variation in the contribution amounts which depends on the individual's age that's covered under the plan. Therefore, the statement that "contribution amounts remain fixed based regardless of age" is incorrect.

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