Generally, designating money to fund future benefits. Commonly used in pensions to fund eventual retirement.

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Process in which an employer who is sponsoring a pension plan deposits money in a fund during the participants’ working years to guarantee payment of pension benefits to the plan’s participants when they retire.

A benefit provided for the surviving spouse of a now deceased worker. This is provided by social security.

A year during which plan records are kept. This can be a fiscal or calendar year.