Bob Moore wrote:
From the Wikipedia...the on-line encyclopedia:

A "pension plan" or "retirement plan" is an arrangment by which an
employer
(for example, a corporation, labor union, government agency) provides

income to its employees after retirement. Pension plans are a form of

"deferred compensation" and became popular in the United States
during the
1930s, when wage freezes prohibited direct pay (in the form of
salary) to
increase.

John...note the "deferred compensation" part. Sounds sorta like what

Stella wrote.


The deferred compensation described sounds like the company promising
to pay you later (originally because they couldn't afford to pay now).
Stella's description sounded like some sort of individual account, like
a 401K, where actual earned dollars (not deferred) are used.

A 401K (or similar individual retirement account) is usually not
under the direct control of a company, and cannot be squandered by
them. A promise by a company to pay your salary after retirement is
just that. Words.

John Galban=====N4BQ (PA28-180)