Pensions(redirected from Veterans' Rights)
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A retirement plan in which an employer makes a contribution into an account each month. The contributions are invested on behalf of an employee, who may begin to make withdrawals after retirement. Typically, pensions are tax-deferred, meaning that the employee does not pay taxes on the funds in the pension until he/she begins making withdrawals. Pensions may have defined contributions, defined benefits, or both. See also: 401(k), IRA.
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A pension is a definitely determinable series of payments received from an employer-provided plan after the employee retires.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary