Glossary

A cash balance plan is a type of defined benefit retirement plan where your benefit grows like a hypothetical account with pay credits and interest credits. A Cash Balance Plan …

A simple guide to help you understand what “Benefit Service” means in pensions and why it matters for your retirement benefits. Understanding Benefit Service in the Easiest Way In many …

A benefit offset is when part or all of your pension benefit is reduced because you owe money to the plan or you’re receiving other benefits that must be subtracted. …

A benefit freeze stops employees from earning new pension benefits, while keeping previously earned benefits protected. A benefit freeze (sometimes called a frozen plan) is an important concept in retirement …

PBGC’s Benefit Determination explains how pension benefits are calculated and paid when a single-employer plan fails. When a company with a traditional pension plan (a defined benefit plan) can no …

Earned retirement benefits grow over time. Benefit accrual explains how those benefits build up during your working years. Benefit accrual is the process of earning pension benefits while actively working …

A beneficiary is the person who receives your pension benefits after you pass away, ensuring your financial legacy continues. A beneficiary is an essential part of any retirement or pension …

The bankruptcy filing date is the official date a bankruptcy case begins for a single-employer pension plan’s sponsor — and it determines key legal and pension protections. The bankruptcy filing …

A pension plan’s default annuity for married or unmarried participants, with the option to choose another payment form. Understanding how your pension will pay out is an essential part of …