What is the term for the process of setting aside funds for a retirement plan's benefits?

The term that accurately describes the process of setting aside funds for a retirement plan's benefits is "Funding." In the context of retirement plans, funding refers to the accumulation of financial resources over time to ensure that there are sufficient assets to meet future benefit obligations. This is crucial for the sustainability of retirement plans, as it allows the plan to provide promised benefits to retirees once they reach retirement age.

Funding can involve various financial instruments, including contributions from employers, employees, or both, and it may include investments that grow over time to cover the costs associated with the planned benefits.

The other terms mentioned, such as "Free look" and "Grace period," relate to different aspects of insurance and are not applicable to the process of accumulating funds for retirement benefits. "Franchise insurance" pertains to a specific type of coverage for businesses and does not describe the funding process for retirement plans.