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A pension is a form of fund in which a sum of money is added during an employee's employment years. The employee will receive those payments back during retirement years. Not all organizations and companies provide pensions, but those that do will require the employer to be responsible for both funding the plan and managing the plan's investments. Further, in addition to an employer's required contributions, some pension plans have a voluntary investment option for the employee as well.
A pension plan primarily comes in two forms: a defined benefit plan and a defined contribution plan.
For the defined-benefit plan, the employer will need to ensure that the employee receives a definite amount of benefit upon retirement, regardless of the performance of the underlying investment pool. On the other hand, a defined contribution plan will require the employer to make specific contribution plans that match the employee’s contribution during their employment.
In creating a pension plan, a lawyer would assist you as an employer in the dispute resolution process as they have a clear comprehension of the pensions law and retirement benefits, as well as the laws governing property distribution. As an employee, if you face fraud or abuse, considering hiring a lawyer to assist you with the legal details and to represent you in court is a recommended approach.
