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and are distributed to the
employees. Its two basic types are (1)
Deferred compensation plan
in which an
pays a fixed monthly
depending on the employee's retirement age,
length of service
received. It may also be paid to a deceased employee's surviving spouse. (2)
Defined contribution plan
in which the
contributes a percentage of salary every
and the employer matches it. Upon retirement the employee receives the combined sum. Also called
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HRA vs. HSA
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Popular 'Hr, Recruiting, Teams, & Training' Terms
Mentioned in These Terms
funded pension plan
non-contributory pension plan
simplified employee pension plan
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