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Old 06-19-2015, 01:23 PM   #1
Slava
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Join Date: Dec 2006
Location: Calgary, Alberta
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Default What are your options with your pension?

Here is my latest blog post on what options you have with your pension. I kept this fairly general as there are a number of moving parts to be honest and things that can be specific to your situation.

Quote:
The first distinction between plans is that some are defined contribution plans, some are defined benefit plans, and some companies actually have an element of both. A defined benefit plan (sometimes called a DB plan) means that once you satisfy certain conditions of employment or membership of a pension plan, you are provided with a defined benefit. If you receive a statement from the pension plan that tells you that upon your retirement you will receive a pension of $X.XX per month based on your current status at a certain date, you are probably in a DB plan. With a defined benefit the investments are taken care of by the plan and they are promising to pay you a certain amount at a certain time. In other words as the name implies the benefits are defined.
http://victorlough.com/blog/1489196-...h-your-pension

Feel free to contact me if you have any questions or specific scenarios where you have questions.
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