The Open vs. the Closed Pension Fund
A pension fund can be classified into the open pension funds and the closed pension funds.
An open pension fund is support by at least one pension plan that has no restrictions on membership.
A closed pension fund is one that only supports pension plans that are limited to certain employees.
Closed pension plans can be sub classified into the following:
· Single employer pension funds
· Multi employer pension funds
· Related member pension funds
· Individual pension funds