Problem:
What are the differences and similarities between a defined contribution plan and a defined benefit plan? As an employee, would you rather have a defined contribution plan or a defined benefit plan? Explain why. As an employer, would you rather offer a defined contribution plan or a defined benefit plan? Explain why.
Discuss how the accounting for an employer's defined benefit plan differs from accounting for the defined benefit's pension fund itself.
Discuss how the accounting for an employer's defined contribution plan differs from accounting for the defined contribution fund(s) itself (themselves).