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LSDefine

Simple English definitions for legal terms

retirement plan

Read a random definition: motion for judgment of acquittal

A quick definition of retirement plan:

A retirement plan is a special savings plan that helps people save money for when they stop working. It's like a piggy bank that you put money into over time, and when you retire, you can use that money to pay for things you need. Retirement plans can be set up by employers for their employees, or by individuals for themselves. There are different types of retirement plans, but they all help people save money for their future.

A more thorough explanation:

A retirement plan is a written employee benefit plan that provides retirement benefits to employees, officers, and advisers of a company. It can be a stock-purchase, savings, option, bonus, stock-appreciation, profit-sharing, thrift, incentive, pension, or similar plan. Retirement plans can be divided into two types: defined-benefit plans and defined-contribution plans.

A defined-benefit plan is a retirement plan that provides systematically for the payment of definitely determinable benefits to employees over a period of years, usually for life, after retirement. Retirement benefits under a defined-benefit plan are generally based on a formula that includes factors such as years of service and compensation. If the trust funding the plan lacks sufficient assets to pay the promised benefits, the employer is required to cover the shortfall.

Example: A company's retirement plan promises to pay its employees 60% of their average salary for the last five years of employment for every year of service. If an employee works for the company for 30 years and retires with an average salary of $100,000, they will receive $180,000 per year in retirement benefits.

A defined-contribution plan is a retirement plan in which each participant has a separate account funded by the employee's contributions and the employer's contributions. Each participant's benefits are based solely on what has accumulated in the participant's account. The most common type of defined-contribution plan is a 401(k) plan.

Example: A company's 401(k) plan allows employees to contribute a portion of their pretax salary to the plan, and the employer matches a percentage of the employee's contributions. The employee can choose investments from a list of options. At retirement, the employee's retirement benefits are based on the amount accumulated in their account.

Other types of retirement plans include:

Retirement Equity Act of 1984 | retorna brevium

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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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