aqueak, a pension is generally understood to mean a defined benefit plan, as in this definition from dictionary.com: “a fixed amount, other than wages, paid at regular intervals to a person or to the person’s surviving dependents in consideration of past services, age, merit, poverty, injury or loss sustained”. As you’ve noted, they’ve been replaced by defined contribution plans, but the matching funds that were provided by many empoyers to encourage contributions to these plans are also disappearing.
Menu