2004•Unpublished venueRequires access

An Introduction to Pension Plans

August Baker, Dennis Emhardt Logue, Jack S. Rader

Abstract

Abstract This chapter presents an overview of the two major types of pension plans: defined benefit (DB) plans and defined contribution (DC) plans. Under DB plans, the employee receives an annuity at retirement and in which the payment level depends on a formula specified by the plan. DC plans are individual account plans in which a person’s retirement benefit depends on contributions and on investment returns. The discussion of DB plans will focus on how benefits accrue over an employee’s career. The discussion of DC plans will differentiate among the several varieties of this plan type.

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Key concepts: Pension, Pension plan, Plan (archaeology), Annuity, Actuarial science, Payment, Business, Stable value fund