Social security benefits | Accounting homework help

In general, Social Security benefits and employee pension plan benefits do not cover enough of a typical retiree’s expenses, and many firms are discontinuing generous employee pension plans. 2 major types of employee retirement plans are defined benefit plans and defined contribution plans.

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Respond to the following in a minimum of 175 words: 

  • What are the advantages of a defined benefit plan and defined contribution plan?
  • What are the disadvantages of a defined benefit plan and defined contribution plan?
  • If you could only select either a defined benefit plan or a defined contribution plan, which would you choose? Why?

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