Pension
A pension provides regular income payments that you would receive for the rest of your life when you stop working--typically when people retire. A pension plan is a large pool of savings grows over time through contributions from workers or plan participants and their employer or plan sponsor. The plan assets are managed by professional investment managers, and most of the risks (such as investment risk) associated with managing plan assets will be assumed by the plan sponsor rather than plan participants. Particulars will vary from plan-to-plan. For example, there are variables such as how the money or contributions are set aside, who makes contributions, how the income is generated, when payments are made, the types of payments that are made, and how long pension payments last. The basic idea is that the longer you work the higher the payout. There may be tax breaks for pension contributions and there are limits on how much can go into a plan. Many pensions are payable to a surviving spouse on the death of the policyholder, and some pension payments are inflation-adjusted. The term pension is most often associated with defined benefit pension plans that provide regular, annuity-like payments to retirees. This is in contrast to defined contribution plans such as the 401k that shift most responsibilities onto employees and do not provide guaranteed lifetime income.
Great American
Great American Financial Resources, Inc. (GAFRI) started marketing insurance products in 1950 and is a wholly owned subsidiary of the American Financial Group, Inc. GAFRI is headquartered in Cincinnati, Ohio.
GAFRI provides insurance and investment products to individuals and businesses through its subsidiaries and affiliate companies such as Great American Life Insurance Company, Annuity Investors Life Insurance Company, Great American Advisors, Inc., Great American Life Assurance Company, United Teacher Associates Insurance Company etc.
First Investors
First Investors Company is a diversified financial network that includes an investment management group, a life insurance company, a sales organization, a transfer agent and a bank under one corporate umbrella. All of First Investors' businesses operate under the umbrella of First Investors Consolidated Corporation (FICC). FICC is the parent company of the following subsidiaries: First Investors Corporation, First Investors Management Company, First Investors Life Insurance Company, First Investors Federal Savings Bank and Administrative Data Management Corporation.