retirement benefits offered by government for employees in detail.
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A: Introduction
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A: Introduction
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- What are the benefits provided by Employee Retirement Income Security Act?What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?The account Benefits Payable, is best defined as An asset account An account showing the benefits to be paid to the employee An account showing the benefits that are paid to a governmental entity An account showing the contributions owed for a benefit plan offered by the employer
- The Employee Retirement Income Security Act (ERISA) was established to provide: Question 16 options: a) funding for retirement plans. b) mandatory retirement plans for self-employed individuals. c) protection to employees participating in private employer retirement plans. d) individual trust funds for employees retiring from jobs in the federal government. e) the ability to retain the same retirement insurance when employees change employers.A defined benefit plan is one in which: A.) The employer promises specified payments to employees on their retirement. B.)The specific provisions are defined by the Internal Revenue Code. C.) The specific provisions are defined by the Uniform Code of Retirement Plans. D.) The employee can specify the mix of benefits (e.g., health, pension, insurance) that will be received on retirement.What benefits accrue to companies who elect to use pension funds? How does the use of a pension fund change the accounting that must be done with respect to employee pension amounts?
- Social Security System (SSS) contributions are required from the individuals who are employed in the public sector. True or FalseWhich of the following is not considered by an actuary when determining the annual contribution to a government pension plan? A. Employee turnover B. Mortality rates C. Annual salary increase D. Increase to the federal deficitERISA serves to protect retirement benefits of which employees? Select one: a. Private sector, but not public sector employees b. Both public and private sector employees c. Public sector, but not private sector employees
