Which of the following must be specified when creating a Retirement Savings Plan benefit plan?

The correct answer focuses on the essential components that need to be specified when creating a Retirement Savings Plan benefit plan. Specifically, defining minimum and maximum contribution limits is crucial because it establishes the framework for employee and employer contributions to the retirement savings. Additionally, specifying employee eligibility ensures that only qualified employees can participate in the plan, which is key to compliance and managing the benefit effectively. Payroll deductions are also an integral part of how contributions are collected from employees’ salaries, making this aspect necessary for the plan's operation.

The other options, while relevant in various contexts, do not directly pertain to the foundational elements required for a Retirement Savings Plan. For instance, employer's tax status is important for tax-related decision-making but is not a fundamental requirement for plan creation. Similarly, continuity of coverage, waiting periods, and annual limits may apply to different employee benefit plans, but they are not specific to retirement savings plans. Lastly, premium contributions and copayments are elements more applicable to health insurance or similar benefit plans rather than retirement savings. Hence, the choice that encompasses the key requirements for establishing a Retirement Savings Plan is the most accurate.