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Alex Ar [27]
3 years ago
8

Mike just started working for a company that maintains a defined benefit retirement plan. If Mike terminates his employment with

in the first two years, he forfeits his retirement. If he stays for three years, he will be entitled to receive 20% of the funds provided to him in the account. If he is employed with the company for 6 years, he will be entitled to receive 80% of the funds.
What type of vesting schedule is used at Mike's company?
Business
1 answer:
Naddik [55]3 years ago
5 0

Answer:

According to the Mike´s company benefits, the vesting schedule used is graded.

Explanation:

A vesting schedule is a benefit program provided by a company to encourage its employees´ loyalty through providing them unconditioned property rights over their retirement funds and/or shares after a certain labored period.

This program is detailed through percentages that are stablished according to the set types of vesting periods terms as follows:

1. Graded vesting schedule which increasingly vests over the determined worked time.

2. Cliff vesting schedule which after a employees´specific time working enables him/her to full property of his/her assets.

But if the employees´ pre-stablished working period is not fullfilled the company is not required to meet the vesting schedule originally set and could buy back shares.

Companies and employees validate this agreement writing a vesting certificate or letter which will ensure that the transfer will be made from part to part accordingly.

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I believe that it is B or

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Answer:

The correct answer is True.

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------

NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

4 0
3 years ago
Find the definitions of the following words or expressions in terms of business.
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2 years ago
In a company's standard costing system, direct labor-hours are used as the base for applying variable manufacturing overhead cos
BARSIC [14]

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From this information one can conclude that last period the variable overhead efficiency (quantity) variance was <u>unfavorable.</u>

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The variable overhead efficiency variance measures the difference between the actual and budgeted hours worked with respect to standard variable overhead rate per hour.

Variable overhead efficiency variance can be calculated thus:

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3 years ago
the audit working paper that reflects the major components of an amount reported in the financial statement is the
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The audit working paper that reflects the major components of an amount reported in the financial statement is the Lead Schedule.

<h3>What is the Lead Schedule?</h3>
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  • The sum for the related line item in a client's financial statements should match the number on the lead schedule.
  • The general ledger (GL) accounts that are present in each financial statement line item and note disclosure are listed in a lead schedule.
  • Each line item or group of related line items on the financial statement would typically have its lead schedule. The final balance in the financial statements and the sum on the lead schedule should match.
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To learn more about the Audit working paper refer to:

brainly.com/question/13812517

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