Jeff has just joined a company that provides a defined contribution pension plan as a benefit for its employees. Jeff has come to you, to understand this pension plan and the obligations of the employer and employee Annually, the employer pays fixed amounts that have been defined by the plan. The employer guarantees a set amount to be paid on the employee's retirement The pension expense includes the current service cost interest costs, and any returns on the plan assets The employer has an obligation to ensure that the plan assets are sufficient to pay for the employee's pension benefit