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Managing Pension and Retirement PlansA Guide for Employers, Administrators, and Other Fiduciaries$
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August Baker, Dennis E. Logue, and Jack S. Rader

Print publication date: 2004

Print ISBN-13: 9780195165906

Published to Oxford Scholarship Online: July 2005

DOI: 10.1093/019516590X.001.0001

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An Introduction to Pension Plans

An Introduction to Pension Plans

Chapter:
(p.3) 1 An Introduction to Pension Plans
Source:
Managing Pension and Retirement Plans
Author(s):

August Baker

Dennis E. Logue

Jack S. Rader

Publisher:
Oxford University Press
DOI:10.1093/019516590X.003.0001

This chapter presents an overview of the two major types of pension plans: defined benefit (DB) plans and defined contribution (DC) plans. Under DB plans, the employee receives an annuity at retirement and in which the payment level depends on a formula specified by the plan. DC plans are individual account plans in which a person’s retirement benefit depends on contributions and on investment returns. The discussion of DB plans will focus on how benefits accrue over an employee’s career. The discussion of DC plans will differentiate among the several varieties of this plan type.

Keywords:   pension plans, defined benefit plans, defined contribution plans, retirement plan

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