Question

Correct statements concerning Employees Retirement Income Security Act (ERISA) plans include all of the following EXCEPT:
[A] Defined benefit plans include a formula to use in determining the benefits employees will receive on their retirement.[B] Payroll deduction plans must be "qualified" plans under the IRS code.[C] Under defined contribution plans, employee retirement benefits depend on factors such as contributions made and portfolio performance.[D] Trading for ERISA plan accounts make up a significant part of the volume on all national exchanges.

Answer 1

Answer:

B] Payroll deduction plans must be "qualified" plans under the IRS code

Explanation:

Under the internal revenue service code, Payroll deduction plans could be non-qualified plans. The implication of this is that the money used for the plan is after tax deductions.