There are two main types of retirement pension plans: defined benefit plans and defined contribution plans, as stated by the United States Department of Labor. A benefit plan ensures specific benefits upon retiring and a contribution plan requires the employer to contribute in part to the retirement plan. Each is covered by the Employee Retirement Income Security Act.Continue Reading
Not all employers offer a retirement plan, but many do, especially for full-time employees. There are many different types of pension plans that employers can offer to their employees.