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Pension

NCI’s group pension plans provide an income when there is no regular monthly earning from employment.
Defined Contribution Plans
  • Lifetime pension benefit after retirement
  • Monthly contributions shared equally by employer and employee
  • Allow additional employee contributions
  • Interest earned on all contributions
  • Withdrawal before retirement benefit
  • Refund of premiums on premature death
  • Lump sum and monthly benefit
  • Spouse’s pension benefit
  • Guaranteed period of benefit
Defined Benefit Plans
  • Lifetime pension benefit after retirement
  • Contributions by employer and employee at determined ratio
  • Usually related to final salary
  • Interest earned on all contributions
  • Withdrawal before retirement benefit
  • Refund of premiums on premature death
  • Lump sum and monthly benefit
  • Spouse’s pension benefit
  • Guaranteed period of benefit

 

 




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