Retirement Plan
/rɪˈtaɪərmənt plæn/
Definitions
- (n.) A legal arrangement or program established by an employer or other entity to provide income to employees after retirement.
The company offers a retirement plan to its employees to ensure financial security in their old age.
- (n.) A tax-qualified plan governed by statutes such as ERISA designed to accumulate and distribute retirement benefits.
Many employers sponsor retirement plans that comply with ERISA regulations for tax advantages.
Forms
- retirement plans
Related terms
See also
Commentary
Retirement plans often encompass various schemes—defined benefit or defined contribution—with differing legal and tax implications; precise terminology helps in legal drafting and analysis.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.