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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
Example
The company's pension plan offered the option to roll over the employee's funds into a different retirement account.
The pension plan ensured that retirees could live comfortably and remain well-off.
Actuarial calculations are essential in determining the appropriate funding levels for pension plans.
The employees felt betrayed when their employer cut their benefits and pension plans, leaving them feeling sold down the river.
