Pension Equity Plan (pep)


Definition of "Pension equity plan (pep)"

Guy Burkholder real estate agent
Guy Burkholder, Real Estate Agent PR Real Estate Services

Modifications of the traditional defined benefit plan in which employees are credited with a specified percentage for each year of recognized service with the employer. Upon termination of service, the percentages are summed and multiplied times the final average pay. The resultant calculation is the employee's annual retirement benefit. These plans provide for an even accrual of the employee's retirement benefits and thus provide greater benefit for employees that have shorter periods of service.

 

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