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pension

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pension

A payment, not wages, made to a person (or his/her family) after fulfilment of certain conditions of service; an organized retirement plan. Pension plans vary widely, with some pensions calculated at a specified percentage of a worker's income, payable annually after retirement. Others provide lump-sum savings available for withdrawal at age 65. Employers sometimes match employee contributions; some plans are strictly employee contributions plus interest. Some plans are mandatory, others voluntary.

The most significant provider of retirement income in the US is the Social Security Administration, funded through nonvoluntary 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.



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I don't see why I should not, after all, use that expression, for it is the correlative of the term pension bourgeoise, employed by Balzac in the Pere Goriot.
He must have done his business well, for we find him receiving now a pension for life worth about 200 pounds in our money, now a grant of a daily pitcher of wine besides a salary of "71/2d.
The fifteen roubles I sent you four months ago I borrowed, as you know, on security of my pension, from Vassily Ivanovitch Vahrushin a merchant of this town.
 
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