pension plan

noun

a systematic plan created and maintained, as by a corporation, to make regular payments of benefits to retired or disabled employees, either on a contributory or a noncontributory basis.
retirement plan ( def 1 ).

First recorded in 1955–60

So you'd set up a "pension plan" in which, realistically, you were going to be the beneficiary.

Republic wanted to terminate its obligations and put workers in a 401(k) (or at least a more solvent Teamster pension plan).

Almost overnight, the union pension plan went, as one expert told me, from "an organizing tool, to a disorganizing tool".

So now we've got another pension plan that whose "asset base" overperforms in good years, and underperforms in bad ones.

And if, say, Verizon tried to fund its pension plan this way, liberals would hit the roof.

Maybe your employer has an old-age pension plan for his employees.

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