frozen pension


The process of a company stopping benefit accruals under their pension plan. Employees enrolled in the pension plan will not earn additional benefit credits, preventing it from continuing to grow during the frozen period. A company that implements a freeze may not reduce or revoke any money that the enrollees have accrued, but it can stop contributing to plan as long as it provides the required 15 days of notice.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
frozen account frozen plan