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Finance Dictionary and Glossary of Investment Terms
unfunded pension plan
Definition 1.
A pension plan funded out of the employer's current income whenever funds are required by retiring employees or beneficiaries, rather than out of money put aside on a regular basis regardless of current need.
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Definition 2.
Provides for the employer to pay out amounts to retirees or beneficiaries as and when they are needed. There is no money put aside on a regular basis. Instead, it is taken out of current income.
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