An advance funded pension plan is a retirement plan in which current allocations are made to finance an employee's pension, ensuring funds are available upon retirement.
A benefit-based pension plan is a type of retirement plan where the employer promises a specified monthly benefit on retirement, which is predetermined by a formula based on the employee's earnings history, tenure of service, and age.
A Cash Or Deferred Arrangement (CODA) is a type of retirement plan arrangement that allows employees to defer a portion of their income to a retirement plan, such as a 401(k), on a pre-tax basis.
A Defined-Contribution (DC) Pension Scheme is a retirement plan where employer, employee, or both make contributions on a regular basis, and the final benefits depend on the investment's performance.
A defined-contribution pension scheme is a type of retirement plan wherein the benefits received depend on the contributions made by the member, the investment performance of those contributions, and the annuity available at retirement. Unlike defined-benefit plans, the pension amount is not predetermined.
Early-retirement benefits are benefits a person is entitled to when retiring before the formal retirement age. Early retirement is increasingly common in the United States.
Part-time employment refers to jobs requiring less than a full-time commitment from employees. Part-time employees typically do not enjoy the same benefits as full-time employees, such as health insurance and retirement plans.
A retirement plan is a financial arrangement provided by an employer or a self-employed individual that aims to replace employment income upon retirement. Due to tax advantages, they generally allow for present deductions to employers and deferred income recognition for employees.
A SEP-IRA is a retirement plan specifically designed for self-employed individuals and small business owners, allowing for tax-deferred growth of retirement savings.
A Simplified Employee Pension (SEP) Plan is a retirement plan specifically designed for small businesses and self-employed individuals, allowing them to contribute toward retirement savings for themselves and their employees.
Single Life Distributions are monthly annuity payments made to a retired employee for life from a retirement plan. These distributions are taxed when received.
Standard termination refers to the process by which a defined benefit pension plan is voluntarily ended by an employer following specific regulatory guidelines.
