Dan - a former MSU student and longtime sports fanatic turned insurance executive - along with his darling wife Mary Jo who is the mother of their wonderful family - are trying to decide how to structure their retirement plans. They have heard contradictory remarks about defined contribution and defined benefit plans and have asked you for advice. Specifically, they have asked you to determine which of the following statements is true with respect to defined contribution and/or defined benefit plans?

social security and medicare programs of the United States are examples of defined contribution plans
	defined contribution plans are generally the type of pension plans use in the past whereas defined benefit plans are now the most common type of pension plan
	defined benefit plans are generally contributory plans
	with defined benefit plans, the employer has the risk whereas under defined contribution plans, the employee/retiree has the risk.