A monthly payment to an employee or union member that starts upon their retirement and continues until their death. Retirees often have the option of making the irrevocable decision to have payments made until the death of both them and their spouse. Such joint and survivor pension benefits result in lower monthly payments. Pensions are available only to retirees whose employers or unions offer a pension plan, who participate in the plan and who qualify for benefits upon separation of service. Pension benefits are typically taxable at ordinary income tax rates. See Actuary, Defined Benefit Plan, Defined Contribution Plan, Pension Fund