1.What is the difference between a Private Purpose fund and a Permanent fund? 2. What are...

1.What is the difference between a Private Purpose fund and a Permanent fund?

2. What are the major differences between the 2 types of pension plans?

short answer please

Expert Solution

Answer-1-

Private Purpose Fund	Permanent Funds
1-The purpose of a private purpose trust fund is to generate income to benefit individuals, private organizations or other governments.	Whereas the purpose of a permanent fund is to provide income to benefit the government and its citizens.
2-Private purpose funds are accounted for on the accrual basis & the economic resource measurement focus.	Whereas permanent funds are accounted using for using the modified accrual basis & the current financial resources management focus.

2-

Defined benefit plan	Defined contribution plan
A Defined Benefit pension plan promises to pay you a certain amount of retirement income for life.	With a Defined Contribution plan, contributions are guaranteed, but retirement income is not.
Your employer is responsible for investing the contributions to ensure there’s enough money to pay the future pensions for all plan members.	You are responsible for investing all contributions to grow your savings. In this way, the plan is similar to an RRSP.

ekkarill92 answered 2 years ago

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