What is the Definition of Defined Contribution Plan?
An employee benefit plan under which the employer sets up benefit accounts and contributions are made to it by the employer and by the employee. The employer usually matches the employee’s contribution up to a stated limit.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Defined Contribution Plan?
Check out other definition of insurance terms below:
What is the Meaning of ANNUITY ADMINISTRATIVE CHARGES In Insurance Terms?
Covers the cost of customer services for owners of variable annuities.
What is the Meaning of ANNUITY BENEFICIARY In Insurance Terms?
In certain types of annuities, a person who receives annuity contract payments if the annuity owner or annuitant dies while payments are still due.
What is the Meaning of ANNUITY CERTAIN In Insurance Terms?
A type of annuity contract that pays periodic income benefits for a stated period of time, regardless of whether the annuitant lives or dies. Also known as period certain annuity. Contrast with Straight life annuity. (See Payout options)
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