pension plan
Definition
Scheme under which retirement benefits accrue and are distributed to the beneficiary employees. Its two basic types are (1) Deferred compensation plan in which an employer pays a fixed monthly pension depending on the employee's retirement age, length of service, and last salary received. It may also be paid to a deceased employee's surviving spouse. (2) Defined contribution plan in which the employee contributes a percentage of salary every month and the employer matches it. Upon retirement the employee receives the combined sum. Also called pension scheme.
pension plan is in the HR, Teams, & Training subject.
pension plan appears in the definitions of the following terms:
defined benefit plan,
actuarial accrued liability,
cash balance plan (CBP),
actuarial cost method,
roll up costs,
benefit,
portability,
actuarial assumption,
non-qualified deferred compensation (NQDC),
perks
and
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