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 DEFINED BENEFIT PLAN DIRECT DEPOSIT of PENSION 2021-2025

Sers Pa Gov S 2021-2025 Form

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So we noticed recently there's been a lot of searching for what is a defined benefit plan. Defined benefit plan is probably something that's hard to find these days on the private sector side of companies, but it's basically known as a pension plan. So as you work, typically it's time to time of service your income. It's a part of the calculation. Money gets put, put aside into a pension or the defined benefit plan. And then once you retire based on years of service and your in your wage history, you get a monthly payout. Typically, some plans will offer a lump sum so you can walk out with a total sum of everything that was contributed for you during your service. And then other times that's removed and you have different ways you can annuitize the pension. So typically we see people take that 100%. Unless they're single, they'll take maybe 75% of the full amount and then the spouse would get 75% or there's 50. The

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