Established by the employer to provide benefits to one or more employees after the formal retirement are termed as:*1 pointPension fundTermination benefitsPost-employment benefitsPost-employment benefit plan

The benefits which are payable after the formal retirement of an employee are termed as:*1 pointShort-term employee benefitsTermination benefitsPost-employment benefitsOther long term employee benefits

Which of the following employee benefit plans is defined by the following statement: “post-employment benefit plans under which an entity pays fixed contributions into a separate entity and will have no obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods”?*1 pointDefined benefit planPost-employment benefit planDefined contribution planMulti-employer plan

These are retirement benefit plans under which the amounts to be paid as retirement benefits are determined by contributions to a fund together with the investment income thereon.*1 pointDefined benefit plansVested benefit plansDefined contribution plansDefined insurance plans

Question 15Termination benefits are benefits that an employee is entitled toWhen the employer terminates his employment before the normal retirement dateWhen the employer terminates his employment after the normal retirement dateWhen the benefit is given to encourage the employee to leave the company voluntarilyAnswer :i, ii   i, iii   ii, iii  i, ii, iii

Under this plan, both the employer and employee share in the retirement benefit cost.*1 pointContributory planNon-contributory planFunded planUnfunded plan