Which Pension

Understanding retirement options requires that individuals to know which pension benefits they have. There are many different types of pension plans and every employer makes their own decision about which pension plan they will offer to employees. Whether it is a defined benefit plan or a defined contribution plan, employees must understand their benefits in order to properly plan for their retirement. A defined benefit plan is a pension that is funded by the employer and guarantees the employee a certain monthly payment upon retirement. The payment is either a set amount or an amount based on a calculation that includes factors such as salary, age and number of years employed. Another type of pension is a defined contribution plan which allows the employer and the employee to make contributions to a retirement account. The defined contribution plan is often a 401(k) plan that does not guarantee a certain amount of money per month and in many cases, the employee is responsible for deciding how the contribution is invested and how much of their own paycheck they wish to contribute alongside their employer.

Fast Facts

  • Examples of defined contribution plans include: 401(k); IRA plan, SEP, employee stock ownership plan (ESOP) and profit-sharing plans.
  • Employers choose whether or not to offer retirement/pension plans - there is no Federal law that requires them to offer any plan.

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Articles

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  • Withdrawing Pension Money if You are Laid Off

    If you are laid off from your job, any money you’ve accumulated in a 401k or through profit sharing or other t...
    • Site: employmentlawfirms.com
    • 5 of 5 user(s) found this useful
  • Private Pension Plans

    n theory, private pension plans seem like a good idea, however, in practice, most workers rarely stay at a giv...
    • Site: lawfirms.com
    • 6 of 8 user(s) found this useful
  • Pension and Employment Benefits

    To the extent that a married person accumulates an interest in a pension, retirement, profit sharing or other ...
  • Retirement and Pension Plan Laws

    There are no laws on the books mandating private sector employers to provide their employees with some form of...
    • Site: lawfirms.com
    • 3 of 4 user(s) found this useful
  • Don't Overlook Pension Benefits in a Divorce

    You're getting a divorce. The house, the bank accounts, the cars and even the family furniture have already be...
    • Site: divorcenet.com

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  • How to settle on car payments?

    I am a retired firefighter in Cook County, Illinois. My only income is a combination of Social Security and m...
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