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Nucs 4072  Form

Nucs 4072 Form

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Money Matters presented by Cruz Financial Group awesome to have Joe back in studio and we are talking about defined benefit pension Joe so we've talked about pensions in the past of course so what exactly is a defined uh benefit pension and how exactly does it work well defined benefit pension is there's really two broad types of pension you've got the defined contribution which is like a 401k yeah and then there's defined benefit and a defined benefit is uh the risk is on the employer and so there's no individual accounts so Define benefit we're defining what's going to be paid out to you down the uh down the road when you retire and normally it's formula based so it's based on the number of years of service and ex then so much times you're you know you sometimes we see the highest three of your last uh fiveyear salary so there's no individual counts like a 401k I that's a defined contribut

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