pension

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pension

(1) A regular payment plan intended to provide a person who retired from a job with a secure income for life.
(2) A monthly payment from a pension.
References in periodicals archive ?
33) The IRS also released for public comment its proposed field agent examination guidelines for leveraged employee stock ownership plans (ESOPs), plans that may be top heavy, and limitations for defined contribution plans.
OBRA 1993 made it more difficult for such employees (from exhibit 2) to maximize their contributions not only to 401(k) plans but also to other qualified defined contribution plans such as profit-sharing plans.
Under some circumstances, insurance purchases will make sense in defined contribution plans too.
70 percent would have welcomed an automatic feature that converted their defined contribution plan assets into a guaranteed, lifelong retirement income stream.
Co Automatic enrollment -- Plan sponsors should automatically enroll employees in a defined contribution plan unless they indicate otherwise.
The accrued benefit could be paid to the individual as a lump-sum distribution with favorable income tax results or, alternatively, could be rolled over to an IRA or a qualified defined contribution plan.
Munnell, Jean-Pierre Aubry, and Mark Carafelli of the Center for Retirement Research at Boston College, the brief finds that defined benefit plans still dominate and only about 11 percent of public sector workers have a primary defined contribution plan.
NTCA's Savings Plan is an example of a defined contribution plan.
2004-10, which permits a defined contribution plan to allow an employer to pay administrative expenses for active employees, while charging such expenses to terminated employees' plan accounts.
A substantial portion of the work force frequently views traditional defined benefit programs as competitive with or even superior to hybrid or defined contribution plan designs, especially if the employer clearly communicates the defined benefit plan's benefits.
This signals a movement from health insurance as a defined benefit to a defined contribution plan.
The IRS stated, "After considering these comments regarding the desirability of requiring the retention of an extended payment form, and in light of the ability of participants to replicate any extended payment form that a defined contribution plan may offer by rolling over a single-sum distribution to an IRA, the IRS and the Treasury Department have determined that any advantages of requiring the retention of an extended payment form are outweighed by the countervailing considerations.