Defined benefits formula to calculate the lump sum that an employee receives when he /she retires  incorporates:[You can select more than one answer]A.Returns of investmentsB.Number of years of contributions to that fund.C.Employer's Contributions to the defined benefit schemeD.Salary in the last years of employment

What lump sum at retirement will provide an income stream at retirement to enable you tomaintain your desired standard of living assuming you live to your life expectancy

Question 14Under defined contribution plan:Answer :The employer’s contribution is unknown.   The benefits payable to the retiring employees is unknown.   The amount of benefits to be received by the retiring employees depends on the amounts originally contributed plus income from investments accumulated in the fund.    The benefits of gains or risks of losses invested under the fund are borne by the employees.

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

The report of defined benefit plan shall contain: I. A statement showing net assets available for benefits, the present value of promised benefit and the resulting excess or deficit. II. A statement of net assets available for benefits including a note disclosing the present value of proised benefits  *1 pointI onlyII onlyboth I & IIeither I & II