Vocabulary $-$ Pension plans and retirement programs

What does it mean?

The expansion of the Social Security system resulted in an expansion of employer$-$sponsored pension and retirement plans. In $1948,$ the National Labor Relations Board ruled that pensions and other types of insurance programs were legitimate subjects for collective bargaining. In response, many employers established new pension plans or liberalized the provisions of existing ones to meet or anticipate union demands.

Match the pension plan and retirement program terms on the right with the descriptions of the terms on the left. $($Hint: These are not necessarily complete definitions, but there is only one possible answer for each term.$)$

Description

Term

This pension plan combines features of both a defined benefit and a defined contribution plan, and is portable if an employee leaves the contributing employer.

This type of plan has the employer paying the total contribution costs.

The employee bears part of the contribution cost in this pension plan.

This arrangement has employees of a firm participate in the company's earnings.

This pension plan specifies the contribution that each party makes and does not promise the size of the benefit at retirement.