Question

A pension plan which promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n)

Answer 1

Answer:

Defined benefit plan

Explanation:

The defined benefit plan is the benefit pension plan that could be funded by the employers and also called as the retirement plan of an employer sponsored in which the benefits are to be determined on different kind of factors

So as per the given situation, it is a defined benefit plan

Hence, the same is to be considered