Outcome # 4

Question 1

Retirement policies

Answer 1

mandatory retirement in Canada is being abolished

61 is the average age at retirement, with women leaving work at 58 and men at 62

Question 2

silver handshake

Answer 2

An early retirement incentive in the form of increased pension benefits for several years or a cash bonus

Question 3

Pension plan

Answer 3

ORIGINALLY, employers viewed pensions mainly as a reward to employees who stayed with them until
retirement

Question 4

Earnings philosophy

Answer 4

they are seen as deferred income that employees accumulate during their working lives.

Question 5

contributory plan

Answer 5

A pension plan in which contributions are made jointly by employees and employers

Question 6

noncontributory plan

Answer 6

A pension plan in which contributions are made solely by the employer

Question 7

defined-benefit plan

Answer 7

A pension plan in which the amount an employee is to receive on retirement is specifically set forth

Question 8

vesting

Answer 8

is a guarantee of accrued benefits to participants at retirement age,

Question 9

pension fund

Answer 9

can be administered through a trusted plan or through an insured one