noncontributory pension plan

(redirected from Noncontributory Pension)

Noncontributory pension plan

A pension plan that is fully paid for by the employer, requiring no employee contributions.

Noncontributory Pension Plan

A pension where the pensioner (or employee) makes no contributions. Instead, the employer makes all contributions on the pensioner's behalf. This contrasts with most pension plans, where both employee and employer make contributions. See also: Matching Contribution, Contributory Pension Plan.

noncontributory pension plan

A pension plan in which the participating employees are not required to support the plan with contributions. Compare contributory pension plan.
References in periodicals archive ?
At the moment, people have the State contributory old-age pension or noncontributory pension, but for a lot of people, that's not sufficient to give them the kind of retirement they envisage.
Moratorium pensions are, in practice, much closer to a noncontributory pension than to the formal sector social security contributory pension.
In addition, the company offers noncontributory pension plans and short-term disability and life insurance policies.
On the other hand, if the surviving spouse takes an annuity payout of the tax-free death benefits, less of each payment will be subject to income tax than post-retirement survivor benefits received under a noncontributory pension plan (i.
We also have other benefits such as a noncontributory pension scheme, so the bonus isn't the only big reward that people get here.
Benefits of noncontributory pension income for older South African households", University of Cape Town: p.
Profits were hit by the cost of its noncontributory pension scheme, rising 14pc to pounds 33m, while investment in new branches and modernising stores meant its interest bill grew 10pc to pounds 17m.
His successor as BoE Governor can expect perks ranging from a salary in the region of a quarter of a million pounds a year, some foreign travel, plus a noncontributory pension scheme and private health insurance.
He said the money the firm saves in health care costs goes back to employees in the form of annual bonuses, noncontributory pension funds, and other benefits.
The level of perks is high -- 25% now receive a noncontributory pension, and 87% can expect a mobile phone alongside their fully-expensed car.
19) Indeed, half of the noncontributory pension plans operating in that year specified average pay during the last 10 years of service as the basis for the benefit calculation.
Retirees were to receive a noncontributory pension, calculated on length of service and wages in the last decade of employment, a formula borrowed from English railroads.