Although pension plans are thought of primarily as a source of cash income for the elderly, they typically serve other functions as well. For example, they usually contain early retirement features and often provide pensions to workers who lose their jobs because of disability.
Disability Funding of Pension Contributions
Although pension plans are thought of primarily as a source of cash income for the elderly, they typically serve other functions as well. For example, they usually contain early retirement features and often provide pensions to workers who lose their jobs because of disability. The high proportion of pension plans with disability retirement features is dramatized in data from the Bureau of Labor Statistics' annual survey -- none of these programs had provisions to make up employee contributions and employer matches where the employee becomes disabled during their employment years.
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Lawrence L. BellThis premium content is locked for Accounting and Financial Planning for Law Firms subscribers only
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