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Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.
Here's a look at the difference between a pension and a 401(k) plan -- often referred to as a defined benefit plan and a defined contribution plan.
Hybrid plan designs combine the features of defined benefit and defined contribution plan designs. In general, they are treated as defined benefit plans for tax, accounting, and regulatory purposes.
Defined benefit plans and defined contribution plans are two employer-sponsored ways of helping to provide employees with a comfortable retirement.
But they also have some defined benefit options, too. Here are the details on some of the best retirement plans for the self-employed, how much you can sock away and which plan may be best for you.
In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans attractive to employees, and many employers offer ...
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