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Chapter 4. No Plan Is an Island > Defined Benefit Pension Plans

Defined Benefit Pension Plans

A defined benefit plan is the granddaddy of retirement plans. Unfortunately, in the years to come, these plans will likely become the retirement equivalent of a dinosaur. In a defined benefit plan, as noted earlier, an employee's years of loyal service are rewarded with the continuation of income postretirement based on a predetermined formula defined by the company. These formulas vary from company to company, so if you're covered by a defined benefit plan, be certain to ask your human resources department to provide you with the information you need to review your benefits.

Web Site Information

It's likely that your company has information on your pension or retirement benefits online. The information is typically on a corporate intranet that is available only to employees and usually requires a username and password to gain entry. Check with your human resources department to see if your company has such a site.



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