Which of the following is not a characteristic of a defined$-$contribution pension plan?

The accounting for a defined$-$contribution plan is straightforward and uncomplicated.

The benefits to be received by employees are determined by an employee's highest compensation level defined by the terms of theplan.

O The benefit of gain or the risk of loss from the assets contributed to the pension fund is borne by the employee. The employer's contribution each period is based on a formula.