Keywords: Virginia, defined-benefit pension plan, trust agreement, types, detailed description The Virginia Defined-Benefit Pension Plan and Trust Agreement is a retirement benefit program established by the state of Virginia to provide financial support to eligible employees upon their retirement. This program aims to ensure a stable and predictable income stream for retirees by offering a defined benefit based on a predetermined formula.
Virginia Defined-Benefit Pension Plan and Trust Agreement
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A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance.
Keywords: Virginia, defined-benefit pension plan, trust agreement, types, detailed description The Virginia Defined-Benefit Pension Plan and Trust Agreement is a retirement benefit program established by the state of Virginia to provide financial support to eligible employees upon their retirement. This program aims to ensure a stable and predictable income stream for retirees by offering a defined benefit based on a predetermined formula.
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