Programs to provide employees with retirement income after they meet minimum age and service requirements. Life insurers hold some of these funds. Since the 1970s responsibility for funding retirement has increasingly shifted from employers (defined benefit plans that promise workers a specific retirement income) to employees (defined contribution plans financed by employees that may or may not be matched by employer contributions). (See Defined benefit plan, Defined contribution plan )

"Pensions" In Context

"BRATISLAVA May 22 (Reuters) - The Slovak government wants to raise an additional 125 million euros ($160 million) from taxing banks' corporate and retail deposits by end-2013 as part of measures to narrow the budget deficit, Prime Minister ..."