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

1. the employer's responsibility is simply to make a contribution each year based on the formula established in the plan.
2. employers must ensure that enough monies will be available at the employees retirement to meet the benefits promised.
3. the employer debits Pension Expense in the amount equal to the its periodic required contribution.
4. if the employer does not make contribution in full, then it reports a pension liability. If the employer contributes more than the required amount, then it reports a pension asset.