Ascensus Senior Process Analyst Interview Questions and Answers

401k process involves setting up retirement savings plan where employees contribute a portion of their salary and employers may match a percentage.

• Employees contribute a percentage of their salary to a 401k account

• Employers may offer matching contributions up to a certain percentage

• Contributions are typically invested in a variety of funds

• Withdrawals before retirement age may incur penalties

Contribution refers to what an individual or entity brings to a situation, while benefits are the positive outcomes or rewards received as a result.

• Contribution involves the input, effort, or resources provided by a person or organization.

• Benefits are the advantages, rewards, or positive outcomes gained from the contribution.

• In a business context, contribution can be in the form of skills, expertise, or financial resou...read more

Deferred annuity pays out at a later date, while immediate annuity starts paying out right away.

• Deferred annuity allows for accumulation of funds before payouts begin

• Immediate annuity provides regular income immediately after purchase

• Deferred annuity is often used for retirement planning, while immediate annuity is for immediate income needs

US retirement process types include Social Security, 401(k), and pension plans.

• Social Security: Government-funded retirement benefits based on work history.

• 401(k): Employer-sponsored retirement savings plan where employees contribute a portion of their salary.

• Pension plans: Employer-funded retirement benefits based on years of service and salary.