Which of the following statements about the minimum vesting standards for a qualified defined benefit plan is (are) true?
I. Under cliff vesting, an employee must be at least 50 percent vested after 5 years of service.
II. Under graded vesting, an employee must be at least 20 percent vested after 3 years of service and 100 percent vested after 7 years.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: B
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