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What Is a Pension plan? Definition, Uses and Importance.

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An employer’s program for providing retirement income to eligible employees.

A pension plan is an employee benefit in which the company promises to making regular contributions to a fund set aside to support payments to eligible employees upon retirement.

A pension plan requires employer payments and may allow for additional employee contributions. Contributions are deducted from employee pay. Additionally, the company may match a portion of the employee’s annual contributions up to a set percentage or monetary amount.

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