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Personal finance. 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.
Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
While a pension is a defined benefit retirement plan, a 401(k) is a defined contribution retirement plan. Its certainty lies in what goes into the account -- such as when you contribute 5% or 10% ...
SEP IRA. A SEP IRA allows the self-employed to create a retirement plan for themselves as well as employees. This kind of plan offers a tax-deferred or tax-free way to save – on either a pre-tax ...
Benefits. The main benefit of a Keogh plan versus other retirement plans is that a Keogh plan has higher contribution limits for some individuals. For 2011, employees can generally contribute up to $16,500 per year, and the employer can contribute up to $32,500, for a total annual contribution of $49,000. The total contribution cap is $50,000 ...
Defined benefit plans and defined contribution plans are two employer-sponsored ways of helping to provide employees with a comfortable retirement. The difference between them lies primarily in ...
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