In 1980, of full-time employees in large and midsize private firms participated in plans.

Social Studies

1 answer:

xxTIMURxx [149]2 years ago

8 0

In 1980, 84% of full-time employees in large and midsize private firms participated in defined benefit plans.

A defined benefit demonstrates the fact that the benefit formula is defined and comprehended prior. This plan provides a fixed benefit or payment for employees at retirement. This benefit is pre-established. The benefits are computed utilizing a general formula considering important factors like the length of employment and salary history.

The main reason for calling this type of plan defined benefit is since employees and employers are accustomed to the formula for calculating retirement perks prior. These benefits can be distributed as one lump sum payment or as fixed monthly payments. Many public entities, as well as large private firms in the U.S, provide this feature as a way of compensating workers because of increased pay. The U.S laws differentiate a defined benefit plan from a defined contribution plan.

Learn more about the defined benefit plan: brainly.com/question/39801853

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In 1980, of full-time employees in large and midsize private firms participated in plans.