A pension is like a savings account that a person contributes to along with his or her employer. Contributions can often be made tax-free. Later, when the benefits of the pension are taken out of the plan taxes must be paid. Many of these plans are governed by federal law. However, not every form of retirement plan is covered. Generally, the more a person contributes to the plan, the more the employer will contribute. There are legal limits to the amount per pay period that can be contributed, however. Funds are typically administered by the company or a trustee and invested.

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