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Any employee or their dependents that are eligible to receive benefits from the firm’s employee benefit program are called Plan-Participants.
Plan participants can be the employees who are contributing to the employer-sponsored retirement pension plan or the retirees withdrawing their pension amounts.
Under most plans, there are a minimum number of years of service to be completed to become eligible for maximum pension allowable. There might be other terms and conditions also included in the plan covenants. A monthly premium is generally deducted from the salary to be invested in the plan. This is most commonly referred as Provident Fund in India, where the employee and the employer put in the same amount in the pension fund. This fund can be withdrawn at any time after completion of certain number of years.