Final answer:
The correct statement about pension plans is that they provide long-term income security in retirement.
Step-by-step explanation:
Option C: Long-term income security in retirement is the correct statement about pension plans. Pensions are designed to provide a fixed income to retirees during their retirement years. This income is meant to provide financial security and support in their later years.
Example: When a worker retires, they may receive a monthly pension payment based on factors such as their years of service and salary. This payment continues for the rest of their life, ensuring a steady income source in retirement.