Townsend's pension plan was designed to help the retirees and promised a retirement pension of $200 a month to every American.
A pension plan refers to a retirement plan that requires an employer to make contributions to a pool of funds set aside for a future benefit.
Townsend's pension plan was designed to help the retirees and provide a pension of $200 per month to every citizen, that is of age 60 and older.
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