Resources

Glossary

Deductible

is a subtraction of a specified amount of money ($25 or $50) on a benefit claim that is taken off just the once at the beginning of an annual term.

Defined Contribution Plan

is a benefits package for which an employer’s gives an employee an established amount to an employee’s retirement fund and the maximum payout is based on the contributions by the employer and employee and the amount of money earned in the trust. 

Defined Pension Plan

is a benefits package in which an employer agrees to provide a specified income from the time of retirement until death.  The amount is based on the employee’s annual income and modified by how many years the employee has been covered by the plan.

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