Pension Plan

retirement plan, plan which provides an employee with a pension once he retires

A pension is a steady income given to a person (usually after retirement). Pensions are typically payments made in the form of a guaranteed annuity to a retired or disabled employee. Some retirement plan (or superannuation) designs accumulate a cash balance (through a variety of mechanisms) that a retiree can draw upon at retirement, rather than promising annuity payments. These are often also called pensions. In either case, a pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions.
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Noun
1. a plan for setting aside money to be spent after retirement
(synonym) pension account, retirement plan, retirement savings plan, retirement savings account, retirement account, retirement program
(hypernym) plan, program, programme
(hyponym) 401-k plan, 401-k

A fund that is established for the payment of retirement benefits.