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Defined Contribution Plan Definition

A defined contribution plan is a form of retirement savings that offers a tax-advantaged account for employees to contribute to. This can be done individually or with the help of their employer. Contributions and growth within the account are typically tax-free until withdrawal, with the exception of Roth options. This means that in defined contribution plans, the responsibility for investment risks and potential gains lies with the employee, not the employer. While some employers may offer matching contributions, the final decision to invest ultimately rests with the employee.

Cash Balance Plan Definition

A cash-balance plan is a type of pension plan that differs from traditional plans in the way benefits are calculated. Instead of receiving an annual payout in retirement, wo...

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Investment Portfolio Definition

A key concept in finance is the investment portfolio, which refers to a collection of assets owned by an individual or institution. These assets can include real estate and ...

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Primary Beneficiary Definition

A person or entity, known as a primary beneficiary, holds the first right to inherit an asset. Retirement plans, annuities, and life insurance policies typically allow the a...

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Non-qualified Retirement Plan Definition

A non-qualified retirement plan, often referred to as a NQRP, is a type of pension plan that does not meet the criteria for special tax treatment under the Internal Revenue ...

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