Company retirement plan

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To establish a company retirement plan, your former employer contributed to a fund or trust for employees who met the requirements of the plan (i.e., age, years of service, full-time vs. part-time, etc.). The money was invested and now some of that investment is being used to pay your monthly benefits. Basically, there are two types of retirement plans:

• Defined benefit plans provide a fixed monthly benefit for your life and possibly the life of your spouse or beneficiary. In a defined benefit plan, the money invested most commonly comes solely from the employer. Most defined benefit plans do not offer participants any investment choices.
• Defined contribution plans enable the employer to make an annual contribution, which is divided and placed into a separate account for each employee. Invested funds may come from contributions made by the employee, employer or both. Often, the employer matches a portion of an employee's contributions. The benefits received by retirees vary according to the amount of money put into the plan and the growth of those funds.

If you are concerned about the performance of your plan, and the plan allows you to make changes in the investments that support the payout you receive, talk to a financial advisor or the plan administrator. They can make changes that may help improve plan performance.

 

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Retirement Planning

• Investing for Retirement
• Review Your Plan
• Retirement Income
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