What is the definition of a retirement saving plan offered by a corporation to its employee

Pension plans

Explanation:

A pension plan is a retirement benefit enjoyed by state and corporate employees. In the pension plan, the employer, the employee, or both make contributions to the employee's pension account monthly. An independent entity, a retirement benefits specialist, holds the funds contributed as pension. The funds are invested, and the proceeds used to pay retired employees based on the type of pension plan.

Contributions to the pension plans are made when the employee is in employment. Benefits will be enjoyed when the employees retire. Pension plans are of two types, the defined-contribution pension plan, and the defined-benefit pension plan.