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pension plans

   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.
pension plans,
n.pl saving and investment programs designed to provide income at the time of retirement. These may be employer- or individual-based, in which portions of the funds may be protected from taxation at the time of earning but subject to taxation at the time of withdrawal.


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The laws regarding this area have changed in recent years and employers are now required by law to fund their pension plans fully.
Pension plans are divided into two separate categories: plans with defined benefits, and plans with defined contributions.
GAO was asked to report on (1) the current structure of state and local government pension plans and how pension benefits are protected and managed, and (2) the current funded status of state and local government pension plans.
 
 
 
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