A pension plan funded out of the employers current income whenever funds are...

pension plan funded out of the employer's current income whenever funds are required by retiring employees or beneficiaries, rather than out of money put aside on a regular basis regardless of current need.

A pension plan that has made no financial provision for payment of pensions that ordinarily must be financed out of current income.

Provides for the employer to pay out amounts to retirees or beneficiaries as and when they are needed. There is no money put aside on a regular basis. Instead, it is taken out of current income.

A pension plan in terms of which the employer pays out amounts to retirees or beneficiaries as and when they are needed. There is no money put aside on a regular basis, instead, it is taken out of current income.