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LSDefine

Simple English definitions for legal terms

defined pension plan

Read a random definition: de deoneranda pro rata portionis

A quick definition of defined pension plan:

A defined pension plan is a retirement plan that an employer sets up for their employees. It promises to pay a specific amount of money to each employee when they retire. The employer is responsible for making sure there is enough money in the plan to pay these benefits. This is different from a defined-contribution plan, where the employer and employee both contribute money to an account that the employee manages themselves. A defined pension plan is also known as a fixed-benefit plan.

A more thorough explanation:

A defined pension plan is a type of retirement plan that promises specific benefits to each employee. This means that the employer guarantees a certain amount of retirement income to the employee, usually for life, after they retire.

For example, if an employee works for a company for 30 years and the defined pension plan promises them a retirement income of $50,000 per year, the employer is responsible for paying that amount to the employee every year after they retire.

Defined pension plans are different from defined-contribution pension plans, where the employer and employee both contribute to a retirement account, but the retirement income is not guaranteed.

One example of a defined pension plan is the noncontributory pension plan, where only the employer contributes to the retirement plan. Another example is the qualified pension plan, which complies with federal law and allows employees to receive tax benefits for contributions and tax-deferred investment growth.

Overall, defined pension plans provide employees with a sense of security and stability in their retirement income, as they know exactly how much they will receive each year.

defile | defined term

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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