Credit, Pension Plan
Definition of "Credit, pension plan"
Value of benefit or contribution allocated to an employee under a pension plan; method of determining benefits due a retired employee. Each private pension plan establishes rules for awarding credits to employees, taking into account age, amount of time with the employer, number of days worked per year, breaks in service, maximum salary, and position in the company. For an employee who joined a firm before the plan was put in place, the company computes past service credit, crediting work done prior to establishment of the plan. Ultimately, credits determine the level of pension income the employee receives upon retiring.
Popular Insurance Terms
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
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Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
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Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
Conducting of maritime suits involving ocean marine insurance policy claims before an admiralty court. ...
Type of excess of loss reinsurance in which the insurance company (cedent) cedes its known loss revenues to its reinsurer. ...
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