A cash balance pension plan is a type of defined benefit retirement plan. Here’s how it works.Your employer will pay a fixed percentage of each participating enrollee’s salary to the company’s main pension fund each year. That’s called the pay credit. The company also...

A deferred compensation plan is a contractual agreement between an employee and an employer that allows the worker to delay a portion of their salary or bonus until a future date, such as retirement.Taxes on those earnings are deferred, allowing you to reduce your...