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Simple English definitions for legal terms

qualified pension plan

Read a random definition: JPO

A quick definition of qualified pension plan:

A qualified pension plan is a retirement plan set up by an employer or employee organization that meets certain federal requirements. These plans allow employees to receive tax benefits for contributions and tax-deferred investment growth. It provides retirement income to employees or results in a deferral of income by employees extending to the termination of employment or beyond. There are different types of pension plans, including contributory, defined-contribution, defined pension, noncontributory, nonqualified, and top-hat pension plans.

A more thorough explanation:

A qualified pension plan is a retirement plan established by an employer or an employee organization that complies with federal law (ERISA). This type of plan allows employees to receive tax benefits for contributions and tax-deferred investment growth.

Examples of qualified pension plans include:

For instance, a defined-contribution pension plan may require an employer to match an employee's contribution up to a certain percentage of their salary. This plan allows employees to save for retirement while receiving tax benefits and employer contributions.

On the other hand, a defined pension plan promises a specific benefit to each employee upon retirement. This plan is beneficial for employees who want a guaranteed retirement income.

Overall, a qualified pension plan is an important tool for employees to save for retirement while receiving tax benefits and employer contributions.

qualified opinion | qualified privilege

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17:38
Very humbling
17:38
Bro NYU plz 🙏
17:38
On god bro 💀
17:38
I
17:38
I rly want NYU too bro
17:39
Lowkey same… lowk regret not applying ED
17:39
I think ED there hurts ur chances
PleasantLoneBluejay
17:39
Sounds like you have a spare Cornell A that you do not want!
17:39
Fr?
PleasantLoneBluejay
17:39
I will gladly borrow it ;)
17:39
Yeah fr
17:39
Tbh I’m leaning Cornell cuz of scholly tho…
17:42
U don’t think we’ll get Berk scholarships?
17:42
Why not negotiate
17:42
When are people getting Berk scholarship info? This month right?
@Deadpreciousmonkey could also be yield protection?
17:43
February yeah
17:44
@sadpadresfan: I like your list of updates
17:44
🔥
17:44
Yeah speaking of the update list, u need to add mich
17:44
UMich WL 🔥
17:44
Lol
17:45
Harvard R 🔥
17:45
🔥 🔥 🔥 LFGGGG
RoaldDahl
17:45
columbia R 🔥🔥🔥
wait did georgetown release decisions today??
and @homelesscuteimpala i am loving this idea and choosing to believe it
lmaooo I put it in the wrong chat
all good, getting the reassuring message twice made me feel better : )
HAHA
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