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8. Vocabulary – Pension plans and retirement programs
What does it mean?
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Order Paper NowThe expansion of the Social Security system resulted in an expansion of employer-sponsored pension and retirement plans. In 1948, the National Labor Relations Board ruled that pensions and other types of insurance programs were legitimate subjects for collective bargaining. In response, many employers established new pension plans or liberalized the provisions of existing ones to meet or anticipate union demands.
Match the pension plan and retirement program terms on the right with the descriptions of the terms on the left. (Hint: These are not necessarily complete definitions, but there is only one possible answer for each term.)
| Description | Term |
| This pension plan meets specified criteria established by the Internal Revenue Code. | |
| This pension plan imposes certain criteria that must be met before the employee can obtain a nonforfeitable right to a pension. | |
| Based on a formula, it computes the benefits, not contributions, to be paid out. | |
| This federal law shores up the financial integrity of private traditional (defined benefit) plans. | |
| This type of plan has the employee and employer making the total contributions. |
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