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What are some potential limitations of using a job-based pay structure?
Defined Benefit Plan
A retirement plan in which an employer commits to paying a specified pension amount to employees upon retirement, based on factors like salary history and length of employment.
Defined Contribution Plan
A type of retirement plan where employees, employers, or both make contributions on a regular basis, but the benefits received at retirement depend on the performance of the investments.
Vested
A status where an employee has earned the right to receive full benefits from an employer's pension or retirement plan, typically after a specified period of service.
Employer
An individual or organization that hires and pays people to work for them.
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