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25 Cards in this Set

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A pension fund provision that lets employees who were leaving the company to retain and transfer any pension benefits earned to another pension plan.

Defined-Contribution Plan

A pension plan in which you and your employer or your employer alone contribute funds directly to a retirement account set aside specifically for you.

Profit-Sharing Plan

A pension plan where the company's contributions vary from year to year, depending on the firm's performance.


A tax-deferred retirement plan that is essentially the same as a 401(k) plan, except that it is aimed at employees of schools and charitable organizations.


An employer contributes company stock into a retirement account instead of cash.

Funded Pension Plan

An employer makes pension fund contributions directly to a trustee who holds and invests those funds

SSA Benefit Average

As of 2014, the average monthly Social Security benefit for retired workers was 1,294

Social Security

Benefits include death benefits, disability benefits, and health benefits

SSA Demographics

By 2048 the ratio will decline to 2 workers for every 1 retiree

Joint and Survivor Annuity

Option provides payments over the life of both you and your spouse no matter how long you live.

Roth IRA

Participants avoid income taxes when withdrawing

Keogh Plan

People who are self-employed or work for a small business use this following retirement plan

Lump-Sum Option

Relative to insurance, when a payout arrangement is made in which one receives all benefits in a single payment


Requirement that you must work for a firm for specified period of time prior to gaining ownership of retirement contributions made by employer

Money Purchase Plan

Retirement contributions are payable regardless of how well the company performs

Noncontributory Retirement Plan

The fact that your employer provides all the funds for the retirement plan, without any contribution from you.

Prepaid College Tuition Plan

They generally guarantee that your child will be covered only if he attends a public in-state university or college whereas 529 plans do not have this feature

Single Life Annuity

This choice will maximize the size of your annuity check every month

SSA Benefits

This pays 42% of your average earnings, does not cover all occupations, and might be taxable

SSA Credit Minimum

To be eligible for Social Security benefits, you receive one credit for every $1,200 in wages that you earn, up to 4 credits per year. You need 40 total credits to qualify for benefits

529 Plan

Type of plan can only be used for college and graduate school, and allows contributions of up to $250,000

Annuity Payments

When receiving monthly payments you will pay income tax as if the annuity were normal income

Annuity for Life

With this option the annuity provides payments over the life of both you and your spouse

Contributory Retirement Plan

You, and usually your employer, pay funds into your retirement plan

Unfunded Pension Plan

Your company pays retirement benefits to current retirees out of current earnings, on a pay-as-you-go basis.