You are employed as an accountant. Your company’s retirement plan states that, upon retirement, an employee (not less than 60 years but not more than 65 years of age) is entitled to a lump sum payment...

You are employed as an accountant. Your company’s retirement plan states that, upon retirement, an employee (not less than 60 years but not more than 65 years of age) is entitled to a lump sum payment equal to the employee’s final monthly salary level multiplied by the number of years in service (not less than 10 years). At the end of month following the month of retirement and every month thereafter, the retired employee is entitled to a monthly pension equal to one-eighth (1/8) of the final monthly salary level. The monthly pensions cease upon death of the retired employee. However, if the employee has immediate dependent(s) with age of less than 18 years, the dependent(s) will be entitled to the monthly pensions, which will cease when the dependent(s) reaches 18 years of age. What type of post-employment benefit plan does your company have?