Since Social Security benefits are paid from current contributions, the system is a privatized system. "pay-as-you-go" system. defined contribution system. overfunded system. Question 54 1 pts Vesting refers to: how long until an employee owns any employer contributions to the employee's pension plan. restrictions on asset allocations within a defined contribution plan. eligibility requirements to retire early. the extent to which an employee materially participated in a given business in a given year. how long until an employee can transfer any of his own contributions to a new plan if he switches jobs