pension plans
Employer retirement benefits
Pension plans are retirement savings arrangements, typically sponsored by employers, that provide income to workers after they stop working.
In a defined-benefit plan, the employer guarantees a specific payout based on salary and years of service.
In a defined-contribution plan like a 401(k), employees contribute from their paychecks, often with employer matching: She maxed out her pension plan contributions this year.
- defined benefitPredetermined retirement payment arrangement
- employerOne who employs others
- matching fundsEqual contributions from another source
- annuitiesPeriodic fixed payments
- early withdrawalRemoving funds before term ends
401(k) · contribution limits · vesting period · actuary · investment portfolio · fiduciary duty · asset allocation · Social Security Act · tax deferral · ERISA · risk management · life insurance · trustee · fund manager · beneficiary · social security · retiree · monthly
- HRhiring, human resources, recruiting, HR, onboarding
- employee compensationsalary, pay, base pay, base salary, gross pay
- maritime laborseafarers, seamen, merchant mariners, working hours, working conditions
- retirementretirement, retire, retirement age, retirees, retirement income
- job benefitsbenefits, 401k, medical coverage, medical benefits, dental insurance
- job perkssalary, perks, 401k, benefits, bonuses
pension plansliving paycheck to paycheck
Earning only enough for immediate expenses
pension planspersonal savings
Individually accumulated wealth