A predetermined formula is used to calculate retirement benefits under what type of benefit plan?

A) a defined benefit plan
B) a defined contribution plan
C) a specified benefit plan
D) a non-specified benefit plan

Non-specified Benefit Plan

An employee benefit plan that does not define specific benefits in advance but may provide a pool of funds for potential distribution.

Specified Benefit Plan

A retirement plan where the benefits to be received by employees are defined and specified in advance.

Defined Benefit Plan

A retirement plan in which an employer commits to paying a specified pension amount to employees upon retirement, based on factors like salary history and length of employment.