Retirement Planning 1. Most retirement plans today are of the defined contribution variety. An example is a 401(k) plan. Suppose your first employer after graduation from college offers a 401(k) plan, you will make contributions from each paycheck, and your employer will match your contributions up to 3% of your salary. a. Explain vesting in a company retirement plan. Does vesting apply to company contributions only, your contributions only, or to both? b. According to the WSJ readings how much (what percentage of income) should you contribute to your 401(k) at minimum? c. Find (on the internet) and provide the 401(k) maximum contribution limit for 2019 for a person under 50. d. People tend to change jobs more frequently today than they did in the past. Suppose you work for five years at your first firm, then change jobs to move to a better position with another firm. At your age, why would it be a bad idea to take your 401(k) account balance in cash and go on vacation between jobs