A stated allowance to a person in consideration of past services; payment made to one retired from service, on account of age, disability, or other cause; especially, a regular stipend paid by a government to retired public officers, disabled soldiers, the families of soldiers killed in service, or to meritorious authors, or the like
A group savings plan that has the exclusive purpose of providing a secure retirement income for those who leave the work force because of age
Payments made periodically of (generally) a definite amount for a specified period (usually life) from an employer-funded plan to workers who have met the stated requirements Its primary purpose is to provide retirement income
generally any periodic payment payable for the lifetime of a person who has become entitled to such a benefit pursuant to the terms of a pension plan
(military) A benefit paid regularly to a person for military service or a military service related disability It was not common to receive both a pension and bounty land As the 19th century progressed the national government changed from granting bounty land to paying pensions See NATF 80
{f} grant a pension, give a regular payment to someone who cannot work due to old age or disability
A continuing income that is usually associated with the post-retirement period of a person's life
n payment, not wages, made regularly to a person (or to their family) who has fulfilled certain conditions of service, reached a certain age, etc
Income received upon retirement There are two basic types of pension benefit: a defined-benefit plan and a defined-contribution plan A defined-benefit plan is a traditional pension plan usually paid for by your employer Upon retirement, you receive a fixed monthly check based on your age, salary and length of service A defined-contribution plan puts the onus on you to contribute a percentage of your current income to the plan, whereupon your employer will match part or all of your contribution the combined sum to be received upon your retirement The typical defined-contribution plan is a 401(k) or 403(b) plan BACK TO TOP