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Insurance Definition: PENSION

By Compuquotes Team on March 27th, 2008

PENSION:

Definition:

  • Program to provide employees with retirement income after they meet minimum age and service requirements. Life insurers hold some of these funds. Since the 1970s responsibility for funding retirement has increasingly shifted from employers (defined benefit plans that promise workers a specific retirement income) to employees (defined contribution plans financed by employees that may or may not be matched by employer contributions). (See Defined benefit plan; Defined contribution plan)

Information provided by Insurance Information Institute

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