Originally Posted by Dallas Chief
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
English Standard Version (ESV)
8 For by grace you have been saved through faith. And this is not your own doing; it is the gift of God, 9 not a result of works, so that no one may boast. 10 For we are his workmanship, created in Christ Jesus for good works, which God prepared beforehand, that we should walk in them.