Contrast prescribed benefit and contribution pension plan

Compare and contrast a prescribed benefit and contribution pension plan.
In a prescribed benefit plan, retirement benefits are determined by a formula that typically considers the worker's age, salary, and years of service. The employee and/or the firm contribute the amounts essential to reach the goal. In a prescribed contribution plan, the contributions to be made through the employee and/or employer are spelled out, but retirement benefits based on the total accumulation within the individual's account at the retirement date.

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