Drake's new employer offers a defined contribution pension plan as part of the compensation package. Which of the following statements correctly identifies a characteristic of this type of plan?
A. The employer guarantees a fixed retirement income for employees.
B. Employees have the flexibility to choose their investment options.
C. Employer contributions are not tax-deductible.
D. Retirement benefits are based on the employee's final salary.
E. Employees are not required to contribute to the plan.