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LSDefine

Simple English definitions for legal terms

retirement plan

Read a random definition: label-and-significant-characteristics test

A quick definition of retirement plan:

A retirement plan is a special savings plan that helps people save money for when they stop working. It's like a piggy bank that you put money into over time, and when you retire, you can use that money to pay for things you need. Retirement plans can be set up by employers for their employees, or by individuals for themselves. There are different types of retirement plans, but they all help people save money for their future.

A more thorough explanation:

A retirement plan is a written employee benefit plan that provides retirement benefits to employees, officers, and advisers of a company. It can be a stock-purchase, savings, option, bonus, stock-appreciation, profit-sharing, thrift, incentive, pension, or similar plan. Retirement plans can be divided into two types: defined-benefit plans and defined-contribution plans.

A defined-benefit plan is a retirement plan that provides systematically for the payment of definitely determinable benefits to employees over a period of years, usually for life, after retirement. Retirement benefits under a defined-benefit plan are generally based on a formula that includes factors such as years of service and compensation. If the trust funding the plan lacks sufficient assets to pay the promised benefits, the employer is required to cover the shortfall.

Example: A company's retirement plan promises to pay its employees 60% of their average salary for the last five years of employment for every year of service. If an employee works for the company for 30 years and retires with an average salary of $100,000, they will receive $180,000 per year in retirement benefits.

A defined-contribution plan is a retirement plan in which each participant has a separate account funded by the employee's contributions and the employer's contributions. Each participant's benefits are based solely on what has accumulated in the participant's account. The most common type of defined-contribution plan is a 401(k) plan.

Example: A company's 401(k) plan allows employees to contribute a portion of their pretax salary to the plan, and the employer matches a percentage of the employee's contributions. The employee can choose investments from a list of options. At retirement, the employee's retirement benefits are based on the amount accumulated in their account.

Other types of retirement plans include:

Retirement Equity Act of 1984 | retorna brevium

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16:45
@bigfatsloth: an early welcome to north carolina :3 i will NOT be joining you in the forest unfortunately
NosyBeagle
16:47
lol same but the second in command gives me tasks
NosyBeagle
16:47
none today tho
NosyBeagle
16:47
it's almost 4pm and i play nyt sudoku at 4pm and i am thrilled. this is my life now
globalcitizen
17:22
Waitlists serve as little gestures to aa era on the way out
globalcitizen
17:22
That’s nice
ParallelAgreeableOrangutan
17:34
To what?
Anyone get uva feeler/auto email about waitlist
ParallelAgreeableOrangutan
18:28
I got the email. Based on the language in the email, I'd be surprised if many feelers were going out
I mena, the same is true for all of them lmfao WL =R
ParallelAgreeableOrangutan
18:51
That's demonstrably not true. I've gotten feelers and others in this chat have as well. Not sure why you're asking questions when you clearly aren't interested in the answers
hello
19:22
hey yall
ParallelAgreeableOrangutan
19:25
Hi llama!!
21:15
@ParallelAgreeableOrangutan: How are you!
ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
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