pension plan

noun
1.
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.
2.
retirement plan ( def 1 ).

Origin:
1955–60

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To pension plan
Example sentences
If you are the recipient of a defined benefit pension plan, your organization
  had to make similar adjustments for you.
Employers contribute less to them, so they are often regarded as an inferior
  pension plan.
The choice of funds within the pension plan is therefore extremely important.
Their pension plan can't be equaled, that is the problem.
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