target-benefit pension plan
A
defined contribution plan where the contribution amount is designed
to provide the participant with a specific (or "target") benefit.
However, the
sponsor does not guarantee the benefit, so no
adjustment is made if actual investment results (or other variables) differ from initial
projections. At retirement, the funds in the
employee's account may be
paid
in a
lump sum or used to purchase
an annuity.
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