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.
UNFUNDED PENSION PLAN
Meaning of UNFUNDED PENSION PLAN in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012