A Cash Or Deferred Arrangement (CODA) is a type of retirement plan arrangement that allows employees to defer a portion of their income to a retirement plan, such as a 401(k), on a pre-tax basis.
A contributory pension is a type of pension scheme where both the employee and the employer contribute to the employee's pension fund.
A contributory pension plan is a retirement savings plan in which both the employee and employer contribute funds. These plans are designed to provide financial security to employees after retirement by pooling resources from both parties.
A defined-benefit pension plan promises to pay a specified amount to each person who retires after a set number of years of service. These plans pay no taxes on their investment income.
A Defined-Contribution (DC) Pension Scheme is a retirement plan where employer, employee, or both make contributions on a regular basis, and the final benefits depend on the investment's performance.
A funded retirement plan is a type of retirement savings arrangement where contributions are made to a dedicated fund to provide future retirement benefits.
A non-contributory pension scheme is an occupational pension scheme in which all the contributions are made by the employer, enabling employees to receive retirement benefits without having to make any contributions themselves.
The UK regulatory body responsible for protecting the benefits of those in work-based pension schemes; this includes all occupational schemes and any other schemes in which payments are made through the employer.
A pension or profit-sharing plan set up by an employer for the benefit of employees, adhering to IRS rules, where contributions are deductible for the employer, trust income is not taxable, and employees are taxed only upon distribution.
A SEP-IRA is a retirement plan specifically designed for self-employed individuals and small business owners, allowing for tax-deferred growth of retirement savings.
A Simplified Employee Pension (SEP) Plan is a retirement plan specifically designed for small businesses and self-employed individuals, allowing them to contribute toward retirement savings for themselves and their employees.
A workplace pension is a retirement savings plan arranged by employers to help employees save towards their retirement in addition to the state pension.
