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Reference

Reference

Plain-English definitions for the terms you'll encounter on your financial journey.

C
Cash Balance Plan🏖️ Retirement

A type of pension plan where the employer credits a participant's account with a set percentage of their yearly compensation plus interest.

D
Defined Benefit Plan🏖️ Retirement

A traditional pension plan that promises a specific monthly benefit at retirement based on the employee's salary and years of service.

P
Pension Plan🏖️ Retirement

An employer-sponsored retirement plan that guarantees a specific monthly benefit to employees upon retirement.