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Depending on the plan, those pension benefits may be inheritable by a surviving spouse or children. Your pension income is usually paid out as a percentage of your salary during your working years.

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That percentage depends on the terms set by your employer and your time with the employer. This is both a benefit and a disadvantage. Vesting schedules come in two forms: cliff and graded.

Defined contribution pension schemes

With cliff vesting, you have no claim to any company contributions until a certain deadline — say, four years. In the private sector, the k has largely replaced the traditional pension.

A k is a defined contribution plan, which means the only thing you can count on is the money that you put into your k — your contribution — and the money it earns in the market. Both pensions and k s enjoy tax-deferred growth, however. Some k s come with employer matches, in which your employer will match any contribution you make up to a set limit.

401(k) vs. Pension Plan: What’s the Difference?

This allows you to be more in control. Because your pension income grows tax-deferred during your working years, you pay taxes on it when you start getting checks in retirement. People who have pensions from a government employer may not be eligible to receive Social Security benefits, or they may receive only partial benefits. If you worked part of your career in the private sector but also spent part of your career in a public-sector job with a pension, brace yourself for the Social Security Windfall Elimination Provision WEP. Believe it or not, the purpose is to make Social Security benefits more fair.

But if you had a well-paying government job, you have other benefits to count on.

Pension plan membership, pensionable salary and service directive

For this reason, Congress decided you could do without some Social Security benefits, on the assumption that your government pension was already providing you with retirement income from government coffers. The difference between a public pension and a private pension is simple enough to understand. Includes the Total Retirement Income tool that you can use to get an estimate of your government pensions. Use the DBprime Pension Estimator. Use the DBplus Estimator.

Who should use the DBplus Estimator? Use this estimator if you work part time or on contract for an employer that participates in the CAAT Plan. If you work part time or on contract for a employer that participates in the CAAT Pension Plan, and are not yet a member, you have the option to join and start building a valuable lifetime pension in DBplus.

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Use the DBplus Evaluation tool to get an estimate of the valuable lifetime retirement income you can earn in DBplus, and compare it to the contributions you would make.