PENSION PLAN

Pronunciation (US):

(GB):

IPA (US):

 Dictionary entry overview: What does pension plan mean? 

• PENSION PLAN (noun)
  The noun PENSION PLAN has 1 sense:

1. a plan for setting aside money to be spent after retirement

  Familiarity information: PENSION PLAN used as a noun is very rare.

 Dictionary entry details 

• PENSION PLAN (noun)

Sense 1

Meaning:

A plan for setting aside money to be spent after retirement

Classified under:

Nouns denoting cognitive processes and contents

Synonyms:

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

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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments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)