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Which of the following statements about retirement benefits under pension plans is true? a. Under a flat percentage of annual earnings defined benefit formula, each
Which of the following statements about retirement benefits under pension plans is true?
a. Under a flat percentage of annual earnings defined benefit formula, each employee receives the same dollar benefit.
b. A benefit using final pay is usually based on an employee's earnings during the last month of plan participation.
c. A unit-benefit formula considers both earnings and years of service.
d. Past service benefits are the result of bonuses and overtime pay during the period an employee participated in the plan.
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