This pension plan imposes certain criteria that must be met before the employee can obtain a nonforfeitable right to a pension vested rights.
Defined benefit pension plans can be further subdivided into three types: single employer, agent multiemployer, and cost-sharing multiplier. This distinction is significant because each type has
different reporting requirements.
A qualified retirement plan is a retirement plan established by an employer to provide retirement income to designated employees and their beneficiaries that meets certain IRS Code requirements in terms of both form and operation.
A 401(k) is an employer-sponsored retirement savings plan that provides significant tax advantages while also assisting you in planning for the future. A 401(k) allows an employee to designate a percentage of their earnings to be deducted from each paycheck and invested in their account.
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