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A pension is a steady income given to a person (usually after retirement). Pensions are typically payments made in the form of a guaranteed annuity to a retired or disabled employee. Some retirement plan (or superannuation) designs accumulate a cash balance (through a variety of mechanisms) that a retiree can draw upon at retirement, rather than promising annuity payments. These are often also called pensions. In either case, a pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions.
Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries, while annuity income insures against the risk of longevity.
While other vehicles (certain lottery payouts, for example, or an annuity) may provide a similar stream of payments, the common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal and/or contractual terms.
Gihilarducci on Defined Benefit Pensions are Dead; Long Live DB Pensions
Teresa Ghilarducci, Bernard L. and Irene Schwartz Chair of Economic Policy Analysis The New School for Social Research, and author of ?When I?m Sixty-Four: The Plot Against Pensions and the Plan to Save Them," has penned this response to the...
NYC Pensions
Many employees do not fully understand the pension system which they are enrolled in. Jeff Friedlander's March 23, 2009 New York Law Journal article entitled A Brief Introduction To NYC Pension Law may help (registration required)...
As GM Goes So Goes California in Pensions
Roger Lowenstein writes at Bloomberg:
"With each new labor contract, GM management found it easier to grant sweeter future benefits than to raise current wages...
Most Americans Have Inadequate Pensions
What Do People Think About Public Pensions?
A study examining the public?s perception of defined benefit vis à vis defined contribution plans -- entitled ?The New Intersection on the Road to Retirement: Public Pensions, Economics, Perceptions, Politics & Interest Groups? -- was recently presented at the Wharton...
Reduction of Pensions in India
Global Pensions has this story about how one of the leading employers in India has been forced by the global economic crisis to reduce pension payments for current retirees...
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