f (cf retirement benefit be)
81Guaranteed Minimum Income Benefit - GMIB — A type of option that annuitants can purchase for their retirement annuities. When the annuity has been annuitized, this specific option guarantees that the annuitant will receive a minimum value s worth of payments. Receiving a guaranteed… …
82Qualified Retirement Plan — A plan that meets requirements of the Internal Revenue Code and as a result, is eligible to receive certain tax benefits. These plans must be for the exclusive benefit of employees or their beneficiaries. There are two kinds of qualified plans:… …
83Unit Benefit Formula — A method of calculating an employer s contribution to an employee s defined benefit plan. The employer calculates the contribution by multiplying an employee s years of service by a percentage of his or her salary. For instance, the company may… …
84Employment Retirement Income Security Act of 1974 — n. An act of Congress that sets guidelines for employee benefit plans. abbrv. ERISA The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …
85defined benefit plan — A pension or other employee benefit plan that provides specified amounts of benefits to eligible participants. The specified amounts of benefits are usually determined based upon age, years of service, and/or levels of compensation. American… …
86defined-benefit pension scheme — DB scheme An occupational pension scheme in which the rules specify the benefits to be received on retirement and the scheme is funded accordingly. The benefits are normally calculated on a formula incorporating years of service and salary levels …
87defined-benefit pension scheme — DB scheme An occupational pension scheme in which the rules specify the benefits to be received on retirement and the scheme is funded accordingly. The benefits are normally calculated on a formula incorporating years of service and salary levels …
88defined benefit pension plan — A *pension plan that arranges its funding on the basis of predetermined amounts payable to members. The amounts payable to members on retirement are usually a function of a combination of some or all of the following (items ii and iii refer to… …
89Pension Benefit Guaranty Corporation — Federal agency established by Employee Retirement Income Security Act of 1974 (ERISA), to guarantee payment of insured benefits if covered employee retirement plans terminate without sufficient assets to pay such benefits. 29 U.S.C.A. No. 1302 …
90future service benefit — noun : a pension benefit based on length of prospective service between employment date and retirement age and payable out of funds contributed by the employer, the employee, or both …
