Final answer:
Traditional pensions have largely been supplanted by defined contribution plans like 401(k)s. Participants in stock bonus plans do often have rights such as voting on the employer stock and receiving securities upon retirement, which may be repurchased by the employer if not publicly traded.
Step-by-step explanation:
Under traditional pension plans, employers offered a defined benefit plan, guaranteeing a certain payout to retirees. However, these plans have become less common and have largely been replaced by defined contribution plans, such as 401(k)s and 403(b)s, where both employer and employee contribute to a retirement account. These contributions are invested, typically in stocks, bonds, and mutual funds, to grow the retirement fund. This setup is tax-deferred and portable.
Concerning stock bonus plans, participants in these plans frequently have voting rights on the employer stock, contrasting with option 'a.' They are not strictly required to receive a lump sum payout at retirement, thereby contradicting option 'b.' In the case of employer securities that are not publicly traded, some provisions may require the employer to repurchase them under certain conditions, which supports option 'c.' Finally, participants generally do have the right to receive employer securities upon retirement, refuting option 'd.'
If a company offering a traditional pension goes bankrupt, the Pension Benefit Guarantee Corporation steps in to ensure that workers receive at least some pension benefits. This provides a safety net for pension plan participants but is not typically applicable to defined contribution plans like 401(k)s.