What is the function of an integrated pension plan?

An integrated pension plan serves the function of tying pension benefits to Social Security payments. This means that the pension plan is designed to work in conjunction with Social Security benefits to provide a more comprehensive retirement income for individuals. By coordinating the pension payouts with what individuals expect to receive from Social Security, the plan ensures that retirees receive a balanced total income during retirement.

This integration is important because it takes into account that many retirees will rely on both their pension and Social Security to meet their financial needs. It helps in managing the overall retirement income plan effectively, allowing for a smoother transition into retirement by considering the various sources of income available.

The other options describe functions that are not specific to integrated pension plans. For instance, calculating individual retirement needs and determining Social Security benefits are related to financial planning and social security services, but they do not reflect the specific nature of how integrated pension plans operate. Providing health insurance post-retirement is also a different aspect of retirement benefits that does not align with the primary focus of pension plans and their integration with Social Security.