Pension Plan definition: Copy, customize, and use instantly
Introduction
The term "Pension Plan" refers to a retirement savings plan designed to provide income to employees after retirement. It outlines the contributions made by both employees and employers, the management of the funds, and the benefits provided upon retirement. This term is essential for clarifying the provisions regarding retirement benefits, ensuring compliance with regulations, and defining the roles of parties involved in managing the plan.
Below are various examples of how "Pension Plan" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Pension Plan" as a defined contribution plan
This definition ties "Pension Plan" to a plan where contributions are defined, and retirement benefits depend on the investment performance.
"Pension Plan" means a defined contribution plan in which contributions are made by the employee and employer to an individual account for each employee, with the retirement benefit determined by the account balance.
Definition of "Pension Plan" as a defined benefit plan
This definition connects "Pension Plan" to a plan where the benefit is predetermined based on salary and years of service.
"Pension Plan" refers to a defined benefit plan where the employee's retirement benefits are calculated based on a fixed formula, including factors such as salary history and years of service.
Definition of "Pension Plan" as a multi-employer plan
This definition links "Pension Plan" to a plan that involves multiple employers contributing to the same retirement fund.
"Pension Plan" means a multi-employer pension plan in which contributions are made by two or more employers to provide retirement benefits to employees working in certain industries or trades.
Definition of "Pension Plan" as a government-sponsored plan
This definition applies "Pension Plan" to a plan that is sponsored and regulated by the government for public employees.
"Pension Plan" refers to a government-sponsored plan that provides retirement benefits to public sector employees, with contributions funded by government resources.
Definition of "Pension Plan" as a hybrid plan
This definition ties "Pension Plan" to a hybrid of defined contribution and defined benefit plans.
"Pension Plan" means a hybrid plan combining elements of both defined contribution and defined benefit plans, where employees receive a guaranteed minimum benefit along with investment-based returns.
Definition of "Pension Plan" as a profit-sharing plan
This definition connects "Pension Plan" to a plan where the employer shares a portion of company profits with employees for retirement.
"Pension Plan" refers to a profit-sharing plan in which the employer contributes a portion of the company’s profits to an employee’s retirement savings account.
Definition of "Pension Plan" as a 401(k) plan
This definition links "Pension Plan" to a specific tax-advantaged retirement savings plan.
"Pension Plan" means a 401(k) plan that allows employees to defer a portion of their salary into a tax-advantaged retirement savings account, with optional employer matching contributions.
Definition of "Pension Plan" as a cash balance plan
This definition applies "Pension Plan" to a plan that offers a balance similar to a defined contribution plan but with guaranteed growth.
"Pension Plan" refers to a cash balance plan, where employees have an individual account with a guaranteed return on contributions, combining features of both defined benefit and defined contribution plans.
Definition of "Pension Plan" as a union-negotiated plan
This definition ties "Pension Plan" to a retirement plan negotiated by a labor union.
"Pension Plan" means a union-negotiated plan where retirement benefits are provided through an agreement between employers and unions for their members.
Definition of "Pension Plan" as a contributory plan
This definition connects "Pension Plan" to a plan where both the employer and the employee make contributions.
"Pension Plan" refers to a contributory plan where both the employer and the employee contribute a percentage of the employee's salary into the retirement fund.
Definition of "Pension Plan" as a non-contributory plan
This definition links "Pension Plan" to a plan where only the employer makes contributions.
"Pension Plan" means a non-contributory plan where the employer alone contributes to the retirement fund on behalf of the employee.
Definition of "Pension Plan" as a voluntary plan
This definition applies "Pension Plan" to a plan in which participation is optional for employees.
"Pension Plan" refers to a voluntary plan where employees may choose to participate, with the employer providing options for retirement savings.
Definition of "Pension Plan" as a pension fund
This definition ties "Pension Plan" to a pooled investment fund that manages employee contributions.
"Pension Plan" means a pension fund, a pooled investment vehicle where employee contributions are invested to provide retirement benefits.
Definition of "Pension Plan" as a collective bargaining agreement benefit
This definition connects "Pension Plan" to a benefit negotiated in collective bargaining.
"Pension Plan" refers to a retirement plan established as part of a collective bargaining agreement between employers and employee representatives.
Definition of "Pension Plan" as an ERISA-governed plan
This definition links "Pension Plan" to a plan governed by the Employee Retirement Income Security Act (ERISA).
"Pension Plan" means a plan that is governed by the Employee Retirement Income Security Act (ERISA), ensuring the protection of retirement benefits for employees.
Definition of "Pension Plan" as an individual retirement account (IRA)
This definition applies "Pension Plan" to an individual retirement account as a retirement savings option.
"Pension Plan" refers to an individual retirement account (IRA) where individuals can contribute to their own retirement savings, with tax advantages.
Definition of "Pension Plan" as a fixed annuity plan
This definition ties "Pension Plan" to a plan where employees receive fixed retirement payments.
"Pension Plan" means a fixed annuity plan, where the employee receives regular, guaranteed payments during retirement based on pre-determined terms.
Definition of "Pension Plan" as a vested benefit plan
This definition connects "Pension Plan" to a plan where employees gain a right to their benefits after meeting certain requirements.
"Pension Plan" refers to a vested benefit plan where the employee's right to receive benefits becomes permanent after meeting certain service or age criteria.
Definition of "Pension Plan" as a defined contribution retirement account
This definition ties "Pension Plan" to an account where the retirement benefit is based on contributions and investment returns.
"Pension Plan" means a defined contribution retirement account where contributions are made to an individual account and the retirement benefit depends on the contributions and the performance of the investments.
Definition of "Pension Plan" as an employer-sponsored retirement plan
This definition connects "Pension Plan" to a plan initiated and funded by an employer for its employees' retirement savings.
"Pension Plan" refers to an employer-sponsored retirement plan in which the employer contributes funds to a retirement account for employees.
Definition of "Pension Plan" as a personal retirement account
This definition links "Pension Plan" to a personal retirement savings account managed by an individual.
"Pension Plan" means a personal retirement account where the employee has control over the contributions and investment choices for their future retirement benefits.
Definition of "Pension Plan" as a government-backed pension scheme
This definition applies "Pension Plan" to a retirement program provided by the government.
"Pension Plan" refers to a government-backed pension scheme in which the government guarantees certain retirement benefits based on years of service or contributions.
Definition of "Pension Plan" as an annuity-based retirement fund
This definition ties "Pension Plan" to a fund that guarantees a fixed periodic income during retirement.
"Pension Plan" means an annuity-based retirement fund that provides regular, guaranteed income to employees upon retirement.
Definition of "Pension Plan" as a voluntary employee savings plan
This definition connects "Pension Plan" to a plan where employees voluntarily contribute a portion of their income to a retirement savings account.
"Pension Plan" refers to a voluntary employee savings plan where employees choose to contribute a portion of their salary to a retirement fund.
Definition of "Pension Plan" as a defined benefit pension plan
This definition links "Pension Plan" to a traditional plan where retirement benefits are based on a pre-established formula.
"Pension Plan" means a defined benefit pension plan where employees receive a fixed amount of income upon retirement based on their salary and years of service.
Definition of "Pension Plan" as a multi-employer pension fund
This definition applies "Pension Plan" to a pension fund supported by multiple employers in a specific industry.
"Pension Plan" refers to a multi-employer pension fund where contributions are made by several employers to provide retirement benefits for employees in a specific trade or industry.
Definition of "Pension Plan" as a hybrid retirement plan
This definition ties "Pension Plan" to a plan combining elements of both defined contribution and defined benefit plans.
"Pension Plan" means a hybrid retirement plan that combines features of both defined contribution and defined benefit plans to offer flexible retirement benefits.
Definition of "Pension Plan" as a union-sponsored retirement plan
This definition connects "Pension Plan" to a pension plan that is negotiated through union agreements.
"Pension Plan" refers to a union-sponsored retirement plan where contributions are made by employers, and benefits are negotiated between unions and employers.
Definition of "Pension Plan" as an employee benefit package
This definition links "Pension Plan" to a broader package of benefits offered by an employer.
"Pension Plan" means an employee benefit package that includes retirement benefits in addition to other welfare benefits like health insurance.
Definition of "Pension Plan" as an IRA-based retirement program
This definition applies "Pension Plan" to an individual retirement account program managed by the employee.
"Pension Plan" refers to an IRA-based retirement program where the employee sets up and manages their own retirement savings account with tax advantages.
Definition of "Pension Plan" as a collective bargaining pension agreement
This definition ties "Pension Plan" to a retirement plan established through collective bargaining.
"Pension Plan" means a pension agreement negotiated between employers and unions as part of a collective bargaining agreement.
Definition of "Pension Plan" as a tax-qualified retirement plan
This definition connects "Pension Plan" to a plan that meets IRS requirements for tax benefits.
"Pension Plan" refers to a tax-qualified retirement plan that meets the requirements outlined by the IRS for tax-deferred contributions and benefits.
Definition of "Pension Plan" as a fixed benefit plan
This definition links "Pension Plan" to a plan providing fixed retirement benefits based on salary and tenure.
"Pension Plan" means a fixed benefit plan where the retirement benefits are determined by a set formula based on salary and years of service.
Definition of "Pension Plan" as an investment-based retirement plan
This definition applies "Pension Plan" to a retirement plan where the value of the benefits depends on investments.
"Pension Plan" refers to an investment-based retirement plan where contributions are invested in various financial assets, and the retirement benefit is based on the growth of those investments.
Definition of "Pension Plan" as a company match plan
This definition ties "Pension Plan" to a retirement plan where the employer matches employee contributions.
"Pension Plan" means a company match plan where the employer contributes an amount equal to or based on a percentage of the employee's contributions to their retirement savings.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.