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pension |
Also found in: Legal, Financial, Encyclopedia, Wikipedia | 0.01 sec. |
pensionA regular payment (not wages) made to a person (or his/her family) after fulfilment of certain conditions of service; an organized retirement plan. Pension plans, which may be state-sponsored, occupational, or personal, vary widely in terms of contributions and provisions. In the USA, the most significant provider of retirement income is the Social Security Administration, funded through non-voluntary contributions assessed on both employers and employees. Unions make employer contributions to pension plans an important element of their contract negotiations, and accumulated pension funds have become important sources of investment capital. Under federal tax regulations, individuals can deposit specified maximum amounts into personal retirement funds, have their income tax liability reduced by that amount as a deduction, and have taxes on the fund's interest deferred until they withdraw the money at or after retirement. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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1 million American workers and retirees in 30,330 private single-employer and multi-employer defined-benefit pension plans. The SEC's report on off-balance sheet arrangements, special purpose entities and related issues recommends a rethinking of current guidance on reporting the financial results of leases and defined-benefit pension plans, while pressing for reporting all financial instruments at fair value. SAN Diego is the poster child of public defined-benefit pension plan abuse. |
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