You are ACME’s HR director. Please explain to the employees the difference between the two types of plans. (Points : 15)

ACME Co. has provided a defined benefit retirement plan for its employees for many years and is now considering changing to a defined contribution plan. The employees are confused about the difference between a defined benefit plan and a defined contribution plan. You are ACME’s HR director. Please explain to the employees the difference between the two types of plans. (Points : 15)