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BenefitsLink > Q&A Columns >

Stop, Look & Listen: Railroad Retirement Benefits Q&A

Answers are provided by Robert S. Kaufman

Difference Between a Pension and an Annuity

(Posted March 3, 2014)

Question 1107: What's the difference between a pension and an annuity?

Answer: A pension can be a gift of an employer for years of loyal and faithful service. An annuity is a retirement benefit earned by an employee who has met certain age and service requirements. The payment is guaranteed for the remainder of the workers life.

By law, the Railroad Retirement Board pays annuities.


Important notice:

Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.

The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.


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