Identify and briefly explain the types of pension plans discussed in the textbook.

defined benefit plans and defined contribution plans.Defined benefit plans provide retirement income based on a proportion of the employee's pay at the time of retirement.Defined contribution plans provide retirement income based on the accrued value of employer and employee contributions to the plan.Both plans can either be contributory,with employees required to make an annual contribution to the plan,or noncontributory,where employees make no contribution to the plan.Another type of pension plan is the hybrid plan that combines features of the defined benefit pension plan and the defined contribution plan.