Melissa's Retirement Plan Is Described in Her Employee Handbook as Follows

Melissa's retirement plan is described in her employee handbook as follows:
Noncontributory
Cliff vesting $(100 \%)$ after 3 years of full-time employment
Monthly retirement benefit based on average salary over the last 3 years of employment and the total number of years worked for the company

Which of the following statements about this retirement plan is(are) true?

A) Melissa will have to contribute to the plan.
B) If Melissa leaves this company before working full-time for 3 years, she will not receive any benefits.
C) Melissa will have to make investment decisions regarding her retirement plan.
D) This is a defined contribution plan.
E) All of the above.

Correct Answer:

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