pension plan

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pension plan

The employee reviews her pension plan documents at her desk.

Definition

Noun: A pension plan is a formal, long-term savings and investment arrangement established by an employer, a union, or an individual to provide a person with a steady income after they retire from work.

Usage

A pension plan is a specific type of financial program. It is typically set up by an employer as a benefit for employees. The term refers to the overall system or scheme itself. - You enroll in or participate in a pension plan. - Employers offer, sponsor, or contribute to a pension plan. - The plan provides or pays out a pension upon retirement.

Examples
  • The company offers a generous pension plan to all full-time employees.
  • She reviewed her pension plan statement to see how much she had saved for retirement.
  • One of the key benefits of the job is its defined-benefit pension plan.
  • He is worried that his pension plan will not provide enough income when he stops working.
Advanced Usage
  • Qualified Pension Plan: A plan that meets specific U.S. Internal Revenue Code requirements, offering tax advantages to both employers and employees.
  • Fund a Pension Plan: This refers to the act of depositing money into the plan to ensure there are sufficient assets to pay future benefits.
Variants and Related Words
  • Pension (n): The regular payment received by a retiree from a pension plan or government scheme.
  • Retirement Plan (n): A broader term that can include pension plans, as well as individual savings accounts like 401(k)s and IRAs.
  • Superannuation (n): A term commonly used in countries like Australia and the UK that is essentially synonymous with a pension plan.
Synonyms
  • Retirement plan
  • Superannuation scheme
Related Phrases
  • Defined-Benefit Pension Plan: A traditional pension plan that promises a specified monthly benefit at retirement, often based on salary and years of service.
  • Defined-Contribution Pension Plan: A pension plan where the employer, employee, or both make regular contributions to an individual account, and the retirement benefit depends on the account's investment performance.
pension plan

The employee reviews her pension plan documents at her desk.

Noun
  1. a plan for setting aside money to be spent after retirement

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