A Statewide Pension Plan Exists for All Local Governments in a Certain

A statewide pension plan exists for all local governments in a certain state. The provisions of the plan indicate that each qualifying retiree receive 2% multiplied by the number of years active employment multiplied by the average salary for the past four years of service. The government calculates the actuarial liability on a statewide basis, not by individual government. The plan would be known as a (an) :

A) Multiple-employer, defined benefit, agency plan
B) Multiple-employer, defined contribution plan
C) Multiple-employer, defined benefit, cost-sharing plan
D) Single employer plan

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free