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Pension plan
01
a retirement savings plan in which an employer or organization contributes money on behalf of its employees, to be used to provide income to those employees during their retirement years
pension plan
n
Example
The pension plan provides retirees with a sound financial footing for their retirement years.
The pension plan will accrue benefits over the next few years.
The company's pension plan offered the option to roll over the employee's funds into a different retirement account.
Actuarial calculations are essential in determining the appropriate funding levels for pension plans.
The pension plan ensured that retirees could live comfortably and remain well-off.
