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  1. Dictionary
    pension
    /ˈpɛnʃn/

    noun

    • 1. a regular payment made by the state to people of or above the official retirement age and to some widows and disabled people: "men can draw a pension from the age of sixty-five" Similar annuitysuperannuationwelfare paymentallowance

    verb

    • 1. dismiss someone from employment, typically because of age or ill health, and pay them a pension: "he was pensioned off from the army after the war"

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  2. dictionary.cambridge.org › dictionary › englishPENSION | English meaning - Cambridge Dictionary

    A pension is a regular income paid to someone who has retired, usually because of their age or health. Learn more about different types of pensions, how they are calculated, and how to use the word in sentences.

  3. www.financestrategists.com › defined-benefit-plan › pensionsWhat Is a Pension? | How It Works, Pros & Cons, Maximizing It

    • Eligibility
    • Contributions
    • Fund Management
    • Payments at Retirement
    • Vesting

    Private and public employees are both eligible for pension plans. Federal, state, and local government bodies provide public pensions. The majority of civilian employees of the U.S. government, including postal service workers, are covered by retirement systems. Established private companies offer pensions, but recently there has been a decreasing ...

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    Employers and employees can contribute to a pension plan. Employer contributions are mandatory, while employee contributionsare voluntary. Employees who want to ensure they receive the maximum benefits from their pension plan should contribute as much as possible.

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    Employees with pension plans are not involved in administrating those funds. This tends to relieve employees since financial matters are often complex. However, the absence of oversight implies that employees cannot guarantee that their pension accounts are adequately funded or that the benefits will last throughout their retirement. There have bee...

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    Pensions are often paid monthly for the rest of the retiree’s life or in a lump sum upon retirement. In most cases, pension income is calculated as a proportion of an employee’s earnings throughout his working years. This proportion is determined by the employer’s terms and the employee’s length of service. For example, a worker who has been with a...

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    Vestingis a process that determines when an employee has the right to employer-provided benefits. For an employee to be vested, he or she must typically work for the company for a certain number of years, usually between 3 and 5 years. Once employees are vested, they are entitled to the benefits even if they leave the company before retirement. Emp...

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  5. www.investopedia.com › terms › pWhat Is a Pension? Types of Plans and Taxation - Investopedia

    May 16, 2024 · A pension plan is an employee benefit that commits the employer to make regular contributions to a pool of money for retirement payments. Learn about the two main types of pension plans: defined-benefit and defined-contribution, and how they are taxed.

  6. www.merriam-webster.com › dictionary › pensionPension Definition & Meaning - Merriam-Webster

    Learn the origin, usage, and synonyms of the word pension, which can be a noun or a verb. A pension is a fixed sum paid regularly to a person, especially after retirement or to surviving dependents.

  7. www.thebalancemoney.com › what-is-a-pension-and-how-do-youWhat Is a Pension? - The Balance

    Jan 25, 2022 · A pension is a retirement plan that provides a monthly income in retirement. Unlike a 401 (k), the employer bears all of the risk and responsibility for funding the plan. A pension is typically based on your years of service, compensation, and age at retirement.

    • Dana Anspach

  8. www.forbes.com › advisor › retirementWhat Is A Pension? – Forbes Advisor

    May 24, 2023 · A pension is a benefit that some employers provide to their employees in retirement. Learn how pensions work, how they are regulated, and why they are becoming less common.

  9. dictionary.cambridge.org › us › dictionaryPENSION | definition in the Cambridge English Dictionary

    Learn the meaning of pension, a regular income paid to someone who has retired, usually because of their age or health. See how to use pension in different contexts and collocations, and compare it with related words and phrases.