FINRA Series 6

Category - Series 6

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A retirement plan under which the benefit to be paid upon retirement is specified when an employee is signed up for the plan is known as a:

401(k) plan.
SIMPLE-IRA.
defined benefit plan.
defined contribution plan.

Explanation

Answer: C - A retirement plan under which the benefit to be paid upon retirement is specified when an employee is signed up for the plan is known as a defined benefit plan. The 401(k) plan and the SIMPLE-IRA are types of defined contribution plans.

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FINRA Series 6

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