The worker’s retirement benefits as a percentage of his/her final working year’s earnings is the:

a. benefit rate

b. transfer rate.

c. entitlement rate.

d. replacement rate

Question

The worker’s retirement benefits as a percentage of his/her final working year’s earnings is the:

a. benefit rate

b. transfer rate.

c. entitlement rate.

d. replacement rate

BlackTom AI · Accepted Answer

The question asks: The worker’s retirement benefits as a percentage of his/her final working year’s earnings is the:

a. benefit rate

b. transfer rate.

c. entitlement rate.

d. replacement rate

Option a: 'benefit rate' would imply a general measure of benefits but does not specifically denote the fraction of final earnings that retirement benefits replace; it is not the standard term used for this concept.
Option b: 'transfer rate' is typically a term used in different contexts (such as transfers between programs or systems) and does not describe the share of final earnings replaced by retirement benefits.
Option c: 'entitlement rate' would suggest a claim or entitlement level, but it is not the conventional name for the ratio of retirement benefits to final earnings.
Option d: 'replacement rate' is the standard term used in pension and retirement literature to denote the percentage of a worker’s final year’s earnings that are paid out as retirement benefits. It directly captures the idea of how much income is replaced by the pension relative to the last year of earnings.

LA-ECON-0858-801-52570-202536 Social Security

The worker’s retirement benefits as a percentage of his/her final working year’s earnings is the: a. benefit rate b. transfer rate. c. entitlement rate. d. replacement rate

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