Thread: Economics Strikes dont always work.
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Old 11-15-2012, 12:30 PM   #49
King_Chief_Fan King_Chief_Fan is offline
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Quote:
Originally Posted by Dallas Chief View Post
Not sure what a defined contribution plan is, like a 401k? It said pensions, so I assumed that is exactly what it was, a pension solely funded by the employer. Something I lost many years ago, as did many of my peers, post 9/11. Like you though I am unclear as to what they are cutting out from these baker fellows. I was just speculating that it was a traditional pension. I could be wrong though, of course.
a typical pension plan is a defined benefit plan...you work x amount of time against some calculation that gives you a determined/defined pension amouint. Those are getting more rare.

401K is a defined contribution plan....you put in x dollars and we will match some defined amount to your dollars.

I am fortunate that my company still provides both
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