Library / English Dictionary

    PENSION PLAN

    Pronunciation (US): Play  (GB): Play

     I. (noun) 

    Sense 1

    Meaning:

    A plan for setting aside money to be spent after retirementplay

    Synonyms:

    pension account; pension plan; retirement account; retirement plan; retirement program; retirement savings account; retirement savings plan

    Classified under:

    Nouns denoting cognitive processes and contents

    Hypernyms ("pension plan" is a kind of...):

    plan; program; programme (a series of steps to be carried out or goals to be accomplished)

    Hyponyms (each of the following is a kind of "pension plan"):

    401-k; 401-k plan (a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself)

    individual retirement account; IRA (a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred)

    Keogh plan (a tax-deferred pension plan for employees of unincorporated businesses or for self-employed persons)

    Credits


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