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The two main types of pension plans are defined benefit plans and defined contribution plans. Explain the difference between the two. How does the accounting

The two main types of pension plans are defined benefit plans and defined contribution plans. Explain the difference between the two. How does the accounting for each differ? With defined benefit plans, there are several levels of benefit obligations for the company. List these and describe what each represents. Which does GAAP require with recognition and why?

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