Originally Posted by King_Chief_Fan
a typical pension plan is a defined benefit plan...you work x amount of time against some calculation that gives you a determined/defined pension amouint. Those are getting more rare.
401K is a defined contribution plan....you put in x dollars and we will match some defined amount to your dollars.
I am fortunate that my company still provides both
There are defined contribution plans that are not 401(k) plans. They are true pensions, and most of the time employees need not put in a dime.
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