defined benefit plan

Pensions and Annuities

This folder asks about your family's defined benefit pensions and existing annuities as well as annuities that will be purchased in the future out of regular assets. Defined benefit pensions are lump sum or annual retirement payments made by employers to their employees. The amount of benefits provided to employees through defined benefit pension plans typically depends both on the number of years worked with the employer and the age of the employee at the time he or she begins to receive benefits.

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