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Compare and contrast a defined benefit and a defined contribution pension plan.
In defined benefit plan retirement remuneration are determined by a formula that typically considers the worker's salary, age and years of service. The firm and/or the employee contribute the amounts necessary to reach the goal. In a defined contribution plan, the contributions to be made by the employer and/or employee are spelled out, but retirement payback depend on the total accumulation in the individual's account at the retirement date.
Q. Nature of Financial Management? Financial Management is an necessary part of Top Management: - In the contemporary business management the financial manager is one of the ac
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