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Which of the statements about harold options

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Problem 1: Harold, age 50, works at Quantire Inc. Harold has worked at Quantire for 20 years and is a member of the company defined benefit pension plan (DBPP). Although Harold isn't going to retire until age 60, he is planning to leave Quantire to become an independent consultant. Which of the following statements about Harold's options when he leaves Quantire is CORRECT?

a) Harold can use the DBPP proceeds to purchase a Locked-in Retirement Income Fund (LRIF).
b) Harold can use the DBPP proceeds to purchase a Life Income Fund (LIF).
c) Harold can use the DBPP proceeds to buy an immediate life annuity.
d) Harold can leave the value of the pension in the Quantire pension plan.

Reference no: EM132757191

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