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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