All of the following are true regarding tax implications of cash balance plans, except
a. employer contributions to the plan are deductible when made
b. taxation of the employee on employer contributions is deferred
c. the plan is not subject to minimum funding rules of the Internal Revenue Code
d. certain employers who adopt a cash balance plan may be eligible for a business tax credit up to $500
e. employees may make voluntary contributions to a “deemed IRA” established under the plan