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A defined benefit pension plan that defines the promised benefit in terms of a stated account balance, which is typically credited each year with a 'pay credit' (a percentage of each participant's salary) and an 'interest credit'.

A person or entity with the legal responsibility to act on behalf of another person in situations that require utmost trust, good faith, and honesty.

A plan that gives employees a share in the profits of the company. Under this type of plan, an employee receives a percentage of a company's profits based on its quarterly or annual earnings.

The practice of spreading money among different investments to reduce risk. It is a common strategy in retirement planning to create a more stable investment portfolio.

A type of IRA where you pay taxes on money going into your account and then all future withdrawals are tax-free if certain conditions are met.

A savings account with tax advantages that individuals can use to save and invest long-term for retirement.

A type of pension plan in which an employer promises a specified pension payment, lump-sum, or combination thereof on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service, and age.

A type of retirement plan that does not meet the IRS requirements for tax-favored status. Contributions are usually made with after-tax dollars and may include executive bonus plans, deferred compensation plans, and split-dollar life insurance plans.

A retirement savings plan sponsored by an employer which allows employees to save and invest a piece of their paycheck before taxes are taken out.

A feature in some retirement plans that allows for the automatic enrollment of employees into the plan at a predetermined contribution rate unless the employee elects otherwise.

A retirement plan in which the employee or employer, or both, contribute to the employee's individual account under the plan, often at a set rate, like a percentage of earnings.

A retirement plan similar to a 401(k) plan, but one that is offered by public schools and certain 501(c)(3) tax-exempt organizations.

A U.S. government agency that insures and guarantees basic pension benefits earned by workers in the event of a defined benefit pension plan termination without sufficient funds to cover benefits.

A federal United States law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

A strategy that allows a working spouse to contribute to an individual retirement account (IRA) in the name of a non-working spouse with no income or very little income.

A one-time payment for the entire balance that is due within a retirement plan, rather than breaking payments out into smaller installments.

The ability of an employee to maintain the benefits of a pension plan after leaving employment.

A type of retirement plan where an employer contributes to a pool of funds invested on the employee's behalf and the earnings on the investments generate income to the worker upon retirement.

A financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.

The minimum amount that a retirement plan account owner must withdraw annually, usually starting at age 72 (70½ if you reach 70½ before January 1, 2020).

A penalty tax imposed on individuals who withdraw funds from a retirement savings account, such as a 401(k) or IRA, before reaching the age of 59½.

A retirement plan that an employer or a self-employed individual can establish, and which features ease of administration.

A federal program in the United States that provides retirement, disability, and survivors' benefits to eligible workers and their dependents.

A mutual fund in the hybrid category that automatically resets the asset mix of stocks, bonds, and other investments in its portfolio according to a selected time frame that is suitable for a particular investor.

A retirement plan that is recognized by the Internal Revenue Service (IRS) and meets specific requirements that allow it to enjoy certain tax benefits.

Additional contributions allowed by retirement plans such as a 401(k) or IRA for participants who are aged 50 or older.

The process by which an employee accrues non-forfeitable rights over employer contributions made to the employee's pension plan or profit-sharing plan.

A multi-employer retirement plan that allows unrelated businesses to join a single retirement plan, typically managed by a pooled plan provider.

The person or group who manages and is responsible for the maintenance of a retirement plan. This includes ensuring the plan complies with relevant laws and regulations.