Quote:
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
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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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