Pension Equity Plan Law & Legal Definition
A pension equity plan is a type of defined benefit pension plan that bases its retirement on final pay, however the percentage at a certain rate per year based upon the individual''s age and/or service.
A pension equity plan is a defined benefit plan that provides an annuity or lump-sum benefit at the termination of a participant’s employment. Pension equity plans define benefits in terms of a current lump-sum value. Annual credits can be based on age, service, or a combination of both. The plan determines the total benefits by providing a "schedule of percents" that are accumulated throughout the work life of the employee. When an employee leaves the employer, either at retirement or at any time once vested, the accumulated percentage is applied to final earnings (defined by the plan) to determine a lump-sum benefit.
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