pension

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Related to Defined benefit: Defined benefit plan

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.
Segen's Medical Dictionary. © 2012 Farlex, Inc. All rights reserved.
References in periodicals archive ?
On the other hand, defined benefit plans, promise members a specific dollar amount on retirement which is usually determined based on their final years of salary.
While states, municipalities and public agencies have continued with defined benefit plans, private business firms have largely shifted to defined contribution plans, mainly 401(k)s.
(6.) For defined benefit plans, excludes effects on change in the
The Pension Protection Fund (PPF) was set up to pay compensation to members of eligible defined benefit schemes, should they be unable to pay benefits beyond a minimum level.
Under the new proposals, the defined benefit cash balance scheme would provide members with a guaranteed lump sum at retirement, with Royal Mail upping its contribution.
In fact, cash balance plans, specifically, saw a 78.1% increase from 2015 to 2017 among providers participating in both years of the Defined Benefit Administration Survey.
Before jumping into a defined benefit plan, business owners should consider the drawbacks.
Defined benefit (DB) schemes, also known as final salary, offer a regular pension income based on of salary and the number of years of service you have.
The defined benefit plan is essentially a retirement plan that provides for a fixed monthly retirement benefit, which is usually based on a percentage of the client's current income.
In years past, many employers provided a pension plan--formally a defined benefit plan--that ensured periodic payments for the life of the retiree and his or her spouse.

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