A pension plan is a retirement benefit that employers provide to employees. In many cases employees also make contributions over time. The law allows employers to invest the funds. This allows the pension plan to grow over time. However, if the investments go down in value, then the benefits can be reduced. Generally, when employees contribute to these programs they can do so tax-free. However, when they take the pay-out later in life that is then taxed. Many of these programs are regulated by federal ERISA law, but not every retirement program is covered by the law.

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