Erin knows exactly what benefits she will receive when she retires. She has worked for the organization for 20 years and will receive 65% of the average of her two highest years of pay. Erin’s retirement plan is a plan.

defined benefit

Explanation:

A defined benefit plan is a type of pension plan in which the employees continue to receive a specified amount of money from the company after retirement. This benefit plan is subject to tax deduction.

A defined benefit plan is calculated by the employees salary, age and the period of time the individual worked in the company.

A defined budget plan makes it easy for the individual to budget their various expenses during their retirement period.

the amount of money you earn by working is your income.

the percentage of people actively looking for a job is called unemployment.