pension

(noun)

An annuity paid regularly as benefit due to a retired employee, serviceman etc. in consideration of past services, originally and chiefly by a government but also by various private pension schemes.

Related Terms

(noun)

A regularly paid gratuity paid regularly as benefit due to a person in consideration of past services; notably to one retired from service, on account of retirement age, disability or similar cause; especially, a regular stipend paid by a government to retired public officers, disabled soldiers; sometimes passed on to the heirs, or even specifically for them, as to the families of soldiers killed in service.

Related Terms

Examples of pension in the following topics:

  • Employee Retirement Income Security Act

    • Kennedy created the President's Committee on Corporate Pension Plans.
    • Studebaker's pension plan was so poorly funded that only 3,600 workers who were of retirement age received full pension benefits, 4,000 workers aged 40–59 who had ten years with Studebaker received lump sum payments valued at roughly 15% of the actuarial value of their pension benefits, and the remaining 2,900 workers received no pensions .
    • ERISA does not require employers to establish pension plans.
    • Instead, it regulates the operation of a pension plan once it has been established.
    • Under ERISA, pension plans must provide for vesting of employees' pension benefits after a specified minimum number of years.

  • Retirements

    • Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions no longer allow the person to work (by illness or accident) or as a result of legislation concerning their position.
    • Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death.
    • Most developed countries today have systems to provide pensions or retirement, which may be sponsored by employers and/or the state.
    • Retirement with a pension is considered a right of the worker in many societies.
    • The 4 percent figure does not assume any pension or change in spending levels throughout the retirement.

  • Liabilities

    • Examples of long-term liabilities include long-term bonds, leases, pension obligations, and debentures.
    • They usually include issued long-term bonds, notes payables, long-term leases, pension obligations, and long-term product warranties.

  • Standard Benefits

    • Retirement benefit plans (pension, 401(k), 403(b)) - Employees are entitled to various retirement-related benefits such as long-term investments, pensions, and other savings for retirement age.

  • Investor of involvement

    • In September of 2007, a prominent group of state officials, state pension fund managers, and environmental organizations filed a petition with the Securities and Exchange Commission asking it to adopt guidelines requiring all public companies to disclose the risks of climate change to their business as well as the actions they're taking to mitigate those risks.

  • Electronic Banking

    • Direct deposit is popular among people who receive Social Security checks or pension checks because it saves them the trouble of travelling to the bank to deposit them in person.

  • The Benefits of Socialism

    • The insurance typically includes monetary provisions for retirement pensions and survivor benefits, permanent and temporary disabilities, unemployment and parental leave.

  • National Labor Relations Act

    • In addition, employers campaigned over the years to outlaw a number of union practices such as closed shops; secondary boycotts; jurisdictional strikes; mass picketing; strikes in violation of contractual no-strike clauses; pension, health, and welfare plans sponsored by unions; and multi-employer bargaining.

  • Modern Labor Organizations

    • Some conservatives have blamed the near bankruptcy on unions and their costly labor agreements, including pension and health plans that put the U.S. automakers at a disadvantage to foreign companies.

  • The Mission of Human Resource Management

    • Typically, this consists of monetary rewards, also referred to as wage or salary, and complementary benefits including healthcare, pension plans, and stock options.