State and Government Pension Plans
What is a Pension Plan?
A pension plan is a type of retirement plan where employers promise to pay a defined benefit to employees for life after they retire. It's different from a defined contribution plan, like a 401(k), where employees put their own money in an employer-sponsored investment program.
Employees typically want to know....
When Am I Eligible to Retire?
How Much Will My Pension Pay?
Do I Qualify For
Social Security?
What Other Options Do I Have?
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Understanding Pension Plans
Pension plans are crucial financial tools designed to provide income in retirement, ensuring financial security during your golden years. Understanding how these plans work empowers you to make informed decisions about your future.
Pension plans, often sponsored by employers, involve regular contributions during your working years. These contributions are invested to grow over time, building a fund that will support you after retirement. There are two main types: